Cardiol Therapeutics (TSX:CRDL,OTCQX:CRTPF) CEO David Elsley joined the Investing News Network to discuss the company’s recent progress developing and distributing its pharmaceutical cannabidiol product, CardiolRx.
On March 18th the company announced it had signed a supply agreement with Medical Cannabis by Shoppers, a subsidiary of Shoppers Drug Mart. Shoppers that is expected to be the exclusive retailer of CardiolRx in Canada.
Elsley believes the announcement is a significant step for Cardiol, which has worked diligently to produce one of the purest forms of pharmaceutical cannabidiol in the world. “With today’s announcement, we’re thrilled that our pharmaceutical cannabidiol product will be available through the nation’s largest distributor of medicinal cannabinoids, which is Medical Cannabis by Shoppers. We’re now working closely with our pharmaceutical partners to prepare for the imminent commercial launch of our product in the early second quarter,” said Elsley.
“We spent the past several years developing a supply chain to make the purest, most consistent form of pharmaceutical cannabidiol in the world, and we’re thrilled that the most trusted brand in medicine has now agreed to make this product available to Canadians who can benefit from our medicine.” According to Elsley, the supply agreement between Shoppers and Cardiol could be the first of many as the company works to secure partnerships in additional jurisdictions. “Having one of the most trusted brands in pharmacy aligned with our product is a significant milestone. We’re in international discussions with other pharmacy chains around the world, and today’s announcement with Medical Cannabis by Shoppers is the first step in making this product ultimately available nationwide and internationally. We are pursuing a number of discussions for international distribution whilst we prepare to supply the growing market and the growing demand for a pure cannabidiol product in Canada.”
Due to the stringent regulatory standards in the medical space, Cardiol has pursued the pharmaceutical production of cannabidiol to ensure a safe, pure and consistent product. Elsley feels this strategy has been proven by major success stories such as Bayer (ETR:BAYR). “History has shown us that to ultimately make any new medicine affordable and accessible worldwide, it needs to be made pharmaceutically. Just think of aspirin, aspirin comes from willow bark. It was synthesized by the drug giant Bayer many years ago, and that’s why aspirin is widely available and affordable,” said Elsley. “At Cardiol, we’re doing the same thing for another very important medicine, cannabidiol, which is now used worldwide for many important purposes. We’ve made the medicine scalable, affordable, pure and consistent, so it can be reproduced each and every time. Ours is the purest form of it in the world today, and we’re thrilled to be introducing it commercially to the Canadian population.”
Elsley explained that one of Cardiol’s main goals was to create a pure and safe cannabidiol product for patients that should not be exposed to the psychoactive component in cannabis, THC. “We have ultimately formulated this product for hundreds of thousands of people in this country that should not be exposed to THC. THC should not be given to anyone under the age of 25 because we don’t fully understand what it does to brain development, and people over the age of 65 can suffer various consequences associated with intoxication and drug interactions,” he said. “We have the lowest level of THC of any product in the world, virtually undetectable at less than five parts per million.”
Moving forward, Elsley is hopeful that CardiolRx can help those suffering from both cardiovascular ailments and anxiety issues, two potential use-cases of cannabidiol. “At Cardiol, we’re developing our pure pharma cannabidiol as a cardio-protective agent. This molecule has profound cardio-protective properties,” he said. “We know that cannabidiol calms the central nervous system, that’s how it’s helping children with epilepsy. It could be a powerful anxiolytic without all the consequences of other anxiolytics, which are typically controlled drug substances that are addictive. Cannabidiol has an exquisite safety profile.”
For a more comprehensive update from Cardiol Therapeutics CEO David Elsley, watch the video above.
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