U.S. cannabinoid research firm sets up first global expansion in Ottawa

cannabis

A Las Vegas-based cannabinoid company is putting down Ottawa roots in the hope of capitalizing on Canada’s less restrictive cannabis market.

GB Sciences announced Tuesday it is establishing its first non-U.S. footprint, dubbed GBS Global Biopharma, in Ottawa.

A release states that the company’s Canadian entity will research and develop cannabinoid-based medicines with the help of Canada’s legal market, tax credits and favourable exchange rates.

Regulatory frameworks north of the border will also foster international collaboration, GB Sciences said. The company’s researchers work with partners in the United States, Spain and Greece on prescription drug programs, cannabinoid delivery technology and nutraceuticals, more commonly known as supplements.

"Canada's policies will allow GBS Global to bring our next-generation cannabinoid medications to market quickly, safely and legally. Canada's regulations, in particular, mean treatments can be evaluated and approved in less time than it would take in the U.S.," said GB Sciences CEO John Poss in a statement.