The cannabis industry is in the spotlight at the inaugural Okanagan Cannabis Business Symposium underway today in Kelowna.
Darcy Bomford, CEO of Vernon-based True Leaf Medicine International is a featured speaker this morning.
He’s talking about True Leaf’s hemp seed-based products.
“We just did a bunch of research and it showed that 70 per cent of all consumers have no idea even what cannabis is and of the ones that did know they still were unclear on cannabis versus hemp versus marijuana. A big opportunity there for us to educate people and create a brand.”
True Leaf’s pet products have carved a niche in the market with hemp seed.
“Hemp is an amazing plant and it has some amazing attributes and we’re just getting started with it. We’re going to develop some other product lines. The other thing that’s interesting is hemp powder, for example, pets will eat it right out of your hands. They really like the taste of it naturally.”
And he reminds people that no, pets won’t get high from it.
Canada is the number 2 producer of hemp seed in the world.
Bomford say pet product sales are growing and he expects at some point to be able to use CBD in pet products in the future as well traditional medicinal marijuana.
He thinks his Vernon-based company is still poised to do well in the medicinal cannabis market once its Lumby plant is up and running.
The main building should be finished by the end of next month and Health Canada approval for a license to sell next year.
Darcy Bomford admits there’s some confusion over how medicinal cannabis will be managed once recreational cannabis goes on sale.
“I read a report the other day where they expect the CBD market might actually become larger than the THC market. That’s because it’s non-psycho-active. You know it helps for pain, sleep and anxiety and could be an absolutely massive market.”
He thinks we’ll see pharmacies opening up more to the medicinal market.