Costs to develop, manufacture, and commercialize the products will be borne by CannScience. Since 2001, qualifying Canadians have been able to access medicinal cannabis through the Marihuana Medical Access Regulations (MMAR) program. In response to a handful of concerns, on April 1, 2014, the MMAR system was repealed and replaced with the Marihuana for Medical Purposes Regulations (MMPR) program (which came into effect on October 1, 2013), where all medicinal cannabis must be produced and procured a Licensed Producer (LP), effectively commercializing the medicinal cannabis industry in Canada. Health Canada projects a total market of $1.3 billion by 2024 under the new MMPR system, representing a growth in number of patients of 36% CAGR over the coming five years and a further 10% CAGR over the following five years. Further, products developed through this co-development arrangement may potentially be commercialized in international markets. In legalized marijuana markets such as Colorado, derivative product market segments have demonstrated the fastest growth as the markets become established. CannScience is an R&D biopharmaceutical company established in Toronto, Canada to conduct research and product development for formulations and extracts related to medical cannabis and its derivatives.
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