The federal government just announced regulations allowing new cannabis products to come to market. Navigating what these new products may be and what the regulations mean for Canadian consumers can be challenging. Lift & Co., the company behind CannSell retail training, is here to help.
TORONTO, June 14, 2019 (GLOBE NEWSWIRE) -- Lift & Co. Corp. ("Lift & Co." or the "Company") (TSXV: LIFT) (OTCQB: LFCOF) cannabis experts including our CEO Matei Olaru, VP Strategy Nick Pateras and CannSell experts are available for interview, comment or background to media covering the new cannabis products and the regulations announced today by the federal government.
“In terms of boosting the market, the legalization of these product formats could be even more significant than the initial phase of legalization,” says Nick Pateras, Vice President of Strategy for Lift & Co. “These new formats will be the catalyst for market acceleration and are paramount to effectively shifting demand into regulated channels."
"These new cannabis products will bring a whole new consumer segment into the sector. Our recent partnered study on edibles indicates 1.5 million in new consumers in the first year,” said Matei Olaru, CEO for Lift & Co. “There is a land grab opportunity for brands to strategically position their edibles, extracts and topicals products in the second year of legalization. Lift & Co. continues to provide unique consumer data insights by aggregating data across our proprietary consumer database at lift.co and our budtender training platform CannSell.”
Consumers are likely to face challenges understanding what new formats are being introduced to the legal market as well as what new products they may see on shelves. Helping consumers understand these new product formats is challenging because there is variability in some of the naming conventions. For example, Lift & Co. staff found different terminology across different websites.
|What's it called?|
|Common name||Flower / Bud||Cannabis Oil*||Edibles||Beverages||Capsules||Concentrate (liquid)||Concentrate (solid)||Topicals|
|Canada.ca/Cannabis||Dried Flower||Cannabis Oil||Edible cannabis (solid)||Edible cannabis (beverage)||Cannabis Extract (injested)||Cannabis Extract (inhaled)||Cannabis Extract (THC concentrate)||Cannabis Topicals|
|Cannabis Act Name|
|Dried Cannabis||Cannabis Oil||Solid containing cannabis||non-solids containing cannabis||non-solids containing cannabis||cannabis non-solid concentrates||cannabis solid concentrates||non-solids containing cannabis|
|OCS Product Category||Dried Flower||Cannabis Oil||Edibles||Beverages||Capsules||Concentrates||Extracts||Topicals|
|* According to the Government of Canada's "FINAL REGULATIONS FOR NEW CANNABIS PRODUCTS: EDIBLE CANNABIS, CANNABIS EXTRACTS AND CANNABIS TOPICALS," Cannabis oil is scheduled to be discontinued as its own product format 12 months after legalization of other formats (October 17, 2020 if legalization is October 17, 2019)|
For new cannabis consumers who may be trying dried flower and cannabis oil for the first time, understanding how these new product formats compare is difficult. Schedule 3 of the Cannabis Act lays out dried flower equivalents in terms of grams, which is what consumers need to know to calculate their personal public possession limits. The new regulations also set limits for licensed producers and manufacturers for the maximum amount of THC in each of these new product formats. The limits, and the way in which THC is presented on the label differ widely by format making it difficult to compare the amount of THC in a product.
An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4583fd9d-7466-4449-b503-97241c29ebc8
It is important for consumers to understand that the method of consuming cannabis matters. Inhaling cannabis by smoking or vaping is different than consuming cannabis by eating or drinking it. When cannabis is eaten it is processed by the liver (not the lungs) and is converted into 11-Hydroxy-THC which can have effects on the brain that are up to 3-5 times stronger than regular THC1. This means that edibles can have stronger effects even at lower concentrations.
Expert commentary available
Lift & Co. CEO Matei Olaru and VP Strategy Nick Pateras are available for commentary on what these changes will mean for consumers and the cannabis industry (both in Canada and globally) and can speak to what new product formats we are likely to see.
For commentary on consumer trends and how marketers might position these new product formats our Chief Revenue Officer Jon Kamin is available.
Our CannSell retail training experts are also available for detailed retail and consumer awareness commentary.
About Lift & Co.
Lift & Co. (TSXV: LIFT) (OTCQB: LFCOF) is a publicly traded technology company modernizing the cannabis industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.
There can be no assurance that such forward-looking statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
For further information:
Lift & Co.
Sara McMillen, Director Communications and Government Relations, Lift & Co.
Nikki Laoutaris, Communications Manager, Lift & Co.
Prit Singh, 905-510-7636, firstname.lastname@example.org
1 User-friendly source: https://sapiensoup.com/images/thc/Infographic-Human-Metabolism-THC-1300.png
Original research here: https://www.researchgate.net/profile/Bhola_Nath_Dhawan/publication/20324783_Drug_abuse_in_India_progress_in_research/links/02e7e52a07f8f5d62b000000/Drug-abuse-in-India-progress-in-research.pdf#page=105
And here: https://www.researchgate.net/profile/Franjo_Grotenhermen/publication/10846458_Grotenhermen_F_Pharmacokinetics_and_pharmacodynamics_of_cannabinoids_Clin_Pharmacokinet_42_327-360/links/0deec52c807847f92e000000.pdf