The decision allows Harvest One to begin compliance testing and analysis of the capsules ahead of full-scale production in Canada in 2020
() (OTCMKTS:HRVOF) subsidiary Satipharm Ltd has received Health Canada's permission to import its proprietary CBD Gelpell capsules for research and development.
The decision allows Harvest One to begin compliance testing and analysis of the capsules, which are manufactured in Switzerland, in anticipation of full-scale production in Canada in 2020.
Additionally, the Gelpell capsules are now available for medical purposes in Argentina, the company said. The company signed a deal with regional pharmaceutical firm FederalMed in the country, and its initial shipment has been received by the first patient.
Shares of Harvest One rose 1.7% on Wednesday to C$0.31 in Toronto and 1.6% to US$0.23 in New York.
READ: Harvest One Cannabis' fiscal 4Q delivers strong revenue boosted by consumer and medical segments
"At Harvest One, we view the Satipharm CBD Gelpell capsule as a key part of our health, wellness, and self-care strategy and are very excited to be taking the next step in bringing them to the Canadian market,” CEO Grant Froese said in a statement. "We are equally excited to have our first shipment of Satipharm's CBD Gelpell capsules to Argentina, which marks Harvest One's first entry into South America. This adds to our existing distribution which includes 2,000 stores in the UK and Ireland, on-line sales across the EU, and prescription sales in Australia."
Satipharm’s Gelpell capsules consist of full-spectrum hemp extract CBD in seamless gelatine beads contained in a hard gastro-resistant capsule. The CBD gets released in the small intestine, giving the capsules 3.5 times more bioavailability than standard CBD oil.
—Updated to include stock movement—
Contact Andrew Kessel at [email protected]
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