Three months into nationwide recreational legalization, companies across Canada are finding ways to jump into the cannabis frenzy – particularly in the natural health, wellness, and beauty sectors.

The newly rebranded company will now focus on combining cannabis extracts with Omega 3 fatty acids cultivated from algae.

Algae Dynamics Corp. (OTC: ADYNF) is one such company, which is now changing names to CanaQuest Medical Corp. to reflect a shift in focus towards the cannabis industry. A new stock ticker symbol to go along with the name swap is expected to be announced shortly.

Under a revamped strategic directive from upper management, the newly rebranded company will now focus on combining cannabis extracts with Omega 3 fatty acids cultivated from algae.

Discussing the name change, the company issued this comment on potential uses for nutritional supplements utilizing cannabis oils and extracts:

The formulations that we have developed stem from sponsored research at Western University and the University of Waterloo in London and Waterloo, Ontario. The initial formulations are intended to treat mental health disorders such as anxiety, depression, schizophrenia, and post-traumatic, which we intend to outline in more detail in future releases.

While many companies focus on bringing more dried flower marijuana to the market to combat a consistent shortage of legal supply, a major focus shift has been seen in the industry towards nutritional supplements and beauty products utilizing cannabis.

Urban Juve, for instance, produces anti-aging creams and lip balms with cannabis and hemp oil, while Emerald Health Therapeutics recently announced a joint venture with a US-based nutritional supplement company.

With the swap of name away from Algae Dynamnics, CanaQuest is just the latest in a steady string of new name announcements as organizations try to align themselves with the growing marijuana industry.

These companies also recently underwent changes to jump into the legalized industry:

  • Liquor Stores N.A. Ltd. switched names to Alcanna (TSX: CLIQ) last summer.
  • Marapharm Ventures changed the company’s title to Liht Cannabis Corp. (CSE: LIHT) the day before the Cannabis Act went into effect last October.
  • PUF Ventures switched over to AgraFlora Organics International Inc. (CSE: AGRA; OTCPK: PUFXF) in November when the company began cultivating cannabis in Ontario.
  • Relentless Resources Ltd. became SugarBud Craft Growers Corp. (TSXV: SUGR) after acquiring Grunewahl Organics and beginning construction of a new grow facility.