The Labiana veterinary laboratory is preparing to start its path in the medical cannabis industry. Since the acquisition of 10.31% of the Spanish start-up specializing in medicinal cannabis , Trichome Pharma, closed last June , the company’s plans include closing collaborations to help them in the development of crops and extracts to export to regulated countries. In this way, the company expects medical cannabis to occupy up to 30% of its business and aims for the next year 2023 to market the first products.
The new partner of the Spanish company intends to carry out a first pilot test of new cosmetic products with CBD . Trichome has already obtained the authorization of a cannabis license for research and, now, they are processing the license for medical and scientific use with the idea of selling extracts and active ingredients to regulated markets in the future.
“Later, when we see that the regulation allows it, we intend to investigate drug products,” explains Sandra Villagrasa, director of the pharmaceutical area of Labiana, to this medium.
The price that patients will have to pay for the new products is unknown , but what is known is that it will be unitary. The final amount will depend on aspects such as the optimization obtained from the crop, the productivity achieved or the amount of CBD contained in the product.
The expert platform in animal health achieved the milestone of debuting on the stock market as the first veterinary laboratory to go public on June 24. Within its strategic plan for growth and consolidation, the stock market will allow them to diversify their financing to continue betting on niche products and innovation in the cannabis sector.
The company, which had a turnover of 57 million in 2021 and with a presence in more than 150 countries, will provide all the knowledge of GMP (Good Manufacturing Practices) regulation that the pharmaceutical sector has. Labiana’s experience in narcotic and psychotropic drugs will lead her to participate in the entire process, in the development of some product with cannabis, as well as manufacturing for third parties.
Cannabis production in Spain has experienced tremendous growth in a matter of two years , going from 3,920 kilos in 2018 to 84,000 kilos in 2020. The new licenses that have been approved are responsible for this. The new cultivation licenses authorized for research and medical purposes went from 2.95 cultivated hectares to 57.43 in the 2018-2020 period.
“The current X-ray of Spain shows that there are some 200,000 potential patients who use cannabis illegally and who were forced to resort to the black market,” says Villagrasa. With the approval of the Congress of Deputies to the approval of cannabis for therapeutic purposes , the situation changes. Likewise, the range of possibilities open to the pharmaceutical industry and to patients is wide.
“If we give it the same category as medicines, we will be able to carry out clinical studies, assess their efficacy, ensure standardization and assess that they come from crops that do not use pesticides,” Villagrasa concludes.