Neptune Technologies & Bioressources and Tetra Bio-Pharma have entered into an agreement for the codevelopment, commercialisation and marketing of purified cannabinoid oil-based products to address pain and inflammation relief applications for the natural health products and pet veterinary markets
"We are excited to partner with Tetra, a biopharmaceutical leader in the development of cannabinoid-based novel drugs and treatments."
"The products that will be codeveloped will be supported by research as well as our unique formulation and delivery system knowledge, which are key components of our mission to deliver differentiated science-based, value-added products," said Jim Hamilton, President and CEO of Neptune.
"We are proud to partner with a company such as Neptune. Their know-how in extraction, performed in a state of the art GMP facility, is a great asset to have for the cannabis medicinal/pharma oil market," stated Bernard Fortier, Chief Executive Officer (CEO) of Tetra.
"This, combined with Tetra's expertise in the development of products for the prescription drug and pharma retail market, makes this partnership truly one of a kind."
"Leveraging our complementary expertise in research, regulatory affairs, science, formulation and delivery forms, we intend to commercialise these new products in preparation of the forthcoming retail cannabis market in Canada, and a RX veterinary North American market."
The veterinary healthcare market is expected to reach $39.7 billion by 2021, registering a CAGR of 8.06% during 2017-2022 (the forecast period).
Veterinary medicines are associated with treatment, diagnosis and prevention of diseases among animals. It covers a variety of animal species, both in domestic and wild.