- Sproutly Canada is building its operations to take advantage of the expected legalization of cannabis-infused edible and beverage products
- Health Canada recently awarded Sproutly’s wholly owned subsidiary, Toronto Herbal Remedies, a processing license to advance its beverage-production strategy
- Deloitte analysts foresee cannabis-infused beverages capturing market revenues between $900 million and $4.4 billion by 2024
- Sproutly touts unique aspects of its patent-pending, water-soluble cannabis oils for quick assimilation by the human physique and effective recreational use
Sproutly Canada Inc. (OTCQB: SRUTF) (CSE: SPR) (FRA: 38G) recently achieved a “major milestone” as it continues to build its operations in preparation for Canada’s legalization of cannabis-infused edibles and beverages, which is anticipated to occur later this year as a follow-up to the opening of legal cannabis markets for adult recreational use last fall.
Sproutly announced on April 1 that its wholly owned subsidiary, Toronto Herbal Remedies Inc. (“THR”), was granted a processing license from Health Canada that allows THR to produce cannabis oil and related products (http://ibn.fm/PB7Kk). Toronto Herbal Remedies was already a licensed producer under the country’s Cannabis Act, and the new license sets the stage for Sproutly’s plans to become a “world-class cannabis beverage and infused product company,” specifically in an attempt to establish an alternative to alcoholic beers (http://ibn.fm/RTrLb).
“For cannabis beverages, we can now continue to advance our formulation work at our own production facility,” Sproutly CEO and Director Keith Dolo stated in a news release. “Our plan is to deliver cannabis beverages that will not only look and taste great, but also where consumers will feel the cannabis effects within five minutes and dissipate within 90 minutes. With Infuz2O’s fast onset and fast offset characteristics, the experience is more similar to drinking a beer, compared to traditional cannabis oils that have an unpredictable, multi-hour experience.”
THR has already completed a large amount of work toward a formulation for a CBD-infused beverage line utilizing the company’s Infuz2O proprietary, naturally produced, water-soluble cannabinoids.
“With the grant of our Processing License, we can extend formulation development work with the cannabis strains which we plan on utilizing in our cannabis beverages in Canada,” Chief Science Officer and Director Dr. Arup Sen added. “It also allows us to perform the required shelf-stability and other necessary testing to be ready for the legalization of cannabis beverages later this year.”
Sproutly is also preparing to commercialize edible products containing its Bio Natural Oils, Sen said. The company’s Bio Natural Oils deliver a full-spectrum of cannabinoids and terpenes of the strains from which they are made.
“We developed and have, a patent-pending process that is unique in that we are able to find and recover naturally water-soluble forms of these oils, kind of like cholesterol in our blood, the good and bad cholesterol, not free cholesterol or free oils,” Sen told Investor Ideas (http://ibn.fm/gBzzs). “They are water soluble; that’s why they flow through the blood. With that discovery we embarked on a path of founding Infusion Biosciences, developed the technology further and were able to show that we could recover commercially feasible amounts of these unique naturally water-soluble forms of the entire plant/cannabinoid/terpene profile.”
Sproutly also announced, on March 28, that it is negotiating with a beverage company regarding a potential partnership to jointly develop and market cannabis-infused beverages, in response to a request from the Investment Industry Regulatory Organization of Canada (“IIROC”) following questions about recent trading activity in the company’s stock (http://ibn.fm/9YQy2).
Analysts at Deloitte believe that the cannabis-infused beverages market will climb to somewhere between $900 million and $4.4 billion by 2024, depending on the percentage of the market it captures (http://ibn.fm/OPuRH).
For more information, visit the company’s website at www.Sproutly.ca
NOTE TO INVESTORS: The latest news and updates relating to SRUTF are available in the company’s newsroom at http://ibn.fm/SRUTF