Happy New Year and best wishes for 2020, a beginning of a new year and a new decade. It is so exciting to be able to say that we’re now in the 20’s. A new era of rediscovering what was once old, but with a modern twist.
In a way, this is an era that truly reflects how EmpowerPharm is growing and maturing, as we started with an idea, a vision of what we wanted to become, in the late teens of the 21st century and now we’re turning that into reality in the year 2020.
We’ve achieved so much in a relatively short time period with an efficient and effective management team – all very dedicated and motivated to creating a strong foundation for the future. 2019 was our building year – laying the foundation of our company.
- Started the Burlington construction – January
- Signed a Clinical Research & Development Agreement with Santé Cannabis – April
- Completed our first Friends and Family Private Placement for C$11.5 million – June
- Established a Board of Directors and various corporate governance committees – August
- Received our Canadian Cannabis Research License – October
- Signed off on all the Quality Control Procedures – November
- Established the Medical and Scientific Advisor Board – November
- Selection of SAP as our ERP and Veeva as our Quality Management System. SAP is used by 90% of all pharmaceutical companies globally – Implementation of both systems began in Q4. Go-Live of SAP finance took place in January, 2020.
- Created the ESOP (Employee Stock Option Plan) for employees and Board members, giving stockholders skin in the game – November
- Selection, purchase and delivery of state-of-the-art equipment train for our product
- Received full occupancy of the Burlington plant on January 29, 2020
- Our EmpowerPharm team will move into our new facility on February 3, 2020
2020 will be the year of execution. Commissioning and qualifying our facility in Burlington and readying to manufacture our clinical batches in mid-2020 to allow for our Phase 1 clinical studies in Q3 of 2020.
The cannabis industry is showing signs of weakness in the public market stock prices; they’ve taken a significant beating, which we predicted, as the recreational sector is a race to the bottom. An oversupply of product, the black market still thrives, and price compression has squeezed margins. Most likely, there will be a consolidation of companies and some will go insolvent. Edibles have come out, which in my opinion will be a fad at best, due to the lack of proper dosage and quality control. Besides, having THC and/or CBD products in the form of candies to me is sending the wrong signal to children.
Some may see this as negative news, but I actually look at this being quite positive for EmpowerPharm, as the air of the balloon of the green rush is slowly being let out to a normality. The serious players can now step up and provide legitimate pharmaceutical products that are clinically tested with regulated government standards that meet Good Manufacturing Practices (GMP), which is the norm for the pharmaceutical industry.
EmpowerPharm is not a manufacturer of recreational CBD, we’re a Rx CBD company that is 100% pharmaceutical, full stop! A new sector in the pharmaceutical industry.
Our state-of-the-art manufacturing facility is the first of its kind in Canada, where it’s 100% devoted to the manufacturing of Rx CBD, which gives us a huge competitive edge globally. We’re now focused on research and development utilizing a Canadian sourced 99.99% pure synthetic CBD (Active Pharmaceutical Ingredient) – API. We will be conducting Phase 1 Pharmacokinetic (PK) clinical studies to evaluate the bioavailability of our product. From these studies we will be able to determine the final delivery pathway, potency of our product and dosage forms.
We’ve been very fortunate to make the connection with Santé Cannabis out of Montreal, Quebec, that has several medical clinics and is a Contract Research Organization (CRO) specializing in medical cannabis. Working with their medical professionals helped us identify our Medical Advisory Board with a group of experts in the field of mental health. What is so exciting is that we plan to finalize the initial clinical trial study synopsis that will be presented to Health Canada in a pre-clinical trial application early in 2020.
We have a first-class Management Team and Board of Directors, now we have a first-class Medical Advisory Board with some of the leading medical doctors in Canada and the UK who are experts in the field of anxiety.
Our initial drug indications have been selected and will have a huge positive impact on our society. We’re most hopeful that Empower CBD™ will improve the quality of the lives of those patients suffering from these conditions.
As mentioned, the twenties (20’s) are a most thrilling time period as we’re taking a once prohibited drug that was used in the past for thousands of years and making it available once again, but in a format that has the science and quality standards supporting it in a novel format.
Onwards to the next chapter of EmpowerPharm!
Executive Chairman and Co-Founder