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.
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:
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.