The hunt for new cannabis-related products is on following nationwide legalization in Canada. While many companies are looking towards the impending Health Canada rules on legalized edibles, others are finding more overlooked sectors of the industry for striking deals.
Today, Aphria Inc. (TSX: APHA; NYSE: APHA) announced a licensing agreement with Manna Molecular Science LLC to develop and distribute transdermal cannabis patches.
Initially researched at the Massachusetts Institute of Technology, Manna’s latex-free patches use cannabis oil supplied by Aphria to release a dose directly through the skin over a 12-hour period.
The agreement grants Aphria exclusive licensing to market and distribute Manna’s cannabis oil patches globally.
This partnership between Manna and Aphria follows a survey by the federal government showing that smoking as the primary method of using cannabis is actually decreasing, with consumers seeking out other methods.
Until now those alternate methods have been dominated by oils, capsules, and edibles, but patches are another option with the potential for market growth.
Discussing the terms of the newly-signed Manna agreement, Aphria President Jakob Ripshtein commented:
The agreement arrives just after Aphria released special committee findings on a much-discussed LATAM deal and in the midst of an upper management change for the company.
CEO Vic Neufeld is officially stepping down on Friday, March 1 and will be replaced by interim Chief Executive Officer Irwin D. Simon, who served as the independent board chairman.
Aside from Aphria, cannabis companies across the industry have been seeking out new products to provide to consumers other than standard dried flower.
So far inroads have been made with health, wellness, and beauty products such as lubricant, lip balm, and moisturizers. The industry is also currently seeing a mad dash towards CBD, especially now that hemp has been legalized in the U.S. through the recently passed Farm Bill and international business opportunities are available.
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