- Canbud subsidiary Molecular Science Corp has received its Dealer’s License from Health Canada enabling it to work with Psilocybin with Health Canada approval
- MSC’s licensed capabilities now include the possession, sale/provision, transportation, and testing of controlled substances including Psilocybin, Ketamine, and N-3,4 Methylenedioxyamphetamine
- Data Bridge Market Research estimates the psychedelic drugs market to reach US$ 7.6 billion by 2028
- Molecular Science Corp. is a leading analytical services company focused on products containing cannabis and/or other controlled substances
- Canbud is a science and technology health and wellness company focused
Canbud (CBDX) is pleased to announce that its subsidiary, Molecular Science Corp (MSC) has received its Dealer’s License from Health Canada.
As a result, MSC has become one of the very few organizations able to work with Psilocybin with Health Canada approval
This significant milestone expands MSC’s current licensed capabilities to include the possession, sale/provision, transportation, and testing of controlled substances including Psilocybin, Ketamine, and N-3,4 Methylenedioxyamphetamine.
Obtaining this license enables MSC to rapidly integrate and establish itself as one of the leaders in the emerging analytical support network that will be integral to product safety and quality as demand grows for these substances of interest in Canada and internationally
Industry analysts estimate strong growth for this emerging sector over the next decade. Data Bridge Market Research estimates the psychedelic drugs market to increase at CAGR of 13.3 per cent from 2021 to 2028, reaching US$ 7.6 billion in 2028.
Increased approval for medical use purposes to support mental health is estimated to be the key driver of growth globally, especially in North America.
Steve Singh, CEO of Canbud commented on the license.
“Ensuring drug product safety and quality requires analytical testing labs be held to a high standard in their methods and practices. MSC is committed to providing a level of service and operation that exceeds the standards set out by Health Canada and is focused on being among the leaders in analytical testing in Canada and globally. This license gives MSC the opportunity to expand its offerings and expertise into an emerging sector with increasing demand for advanced analytical support.”
“This licence allows MSC to support and partner with formulations developers, producers and researchers in exciting new areas to drive development and growth for MSC,” states Mauro Aiello, Interim CEO of MSC.
Molecular Science Corp. (MSC) is a leading analytical services company focused on products containing cannabis and/or other controlled substances, including pharmaceutical products. MSC operates a GMP laboratory in Toronto under a Health Canada Analytical Testing License for cannabis, a Drug Establishment License and now, a Dealer’s License. The company is committed to providing cannabis and pharmaceutical companies the tools and services they require to succeed with product quality and safety.
Canbud is a science and technology health and wellness company focused on the plant-based, psychedelic pharmaceutical and non-psychedelic nutraceutical, and hemp cannabinoid (CBD) vertical markets.
Canbud Distribution Corporation (CBDX) opened at C$0.095 per share.