Dynaleo Inc. Receives Standard Processing License from Health Canada
EDMONTON, AB, June 22, 2020 /CNW/ - Dynaleo Inc. ("Dynaleo"), an Edmonton, AB based manufacturer of cannabis infused gummies, is pleased to announce it has received a Standard Processing License from Health Canada. It is now fully authorized to begin production at its state of the art high-volume manufacturing facility and expects to begin selling its products through licensed Canadian retailers shortly.
"Receiving our processing licence is a major milestone in Dynaleo's regulatory process. We are excited to now shift our focus to preparing to enter the Canadian adult recreational and wellness markets with our white label CBD and THC infused gummies and are already in advanced negotiations with a number of Canadian Licenced Producers," says Michael Krestell, Executive Chairman, Dynaleo.
Founded in 2018, Dynaleo is a privately owned cannabis edibles company specializing in the development and manufacturing of custom THC & CBD confectioneries. Its 26,000 square-foot Edmonton facility, completed earlier this year, includes a specialized production line capable of producing a high volume of cannabis-infused gummies for private label partners and in-house brands.
The licence follows Canopy Rivers' recent C$2 million investment in Dynaleo, with CEO Narbe Alexandrian suggesting Dynaleo could emerge as a potential leader in the cannabis edibles space. The investment was part of a larger C$7 million round of convertible debentures for the Edmonton manufacturer.
Solid edible products, led by gummies, currently comprise more than 90% of the top-selling infused products. Deloitte estimates that Canada's edibles market is worth $1.6 billion annually, while Arcview Market Research and BDS Analytics predict that the North American edibles market will be worth more than $4.1 billion by 2022. A new report from the market research firm Headset also shows an uptick in gummy purchases in several jurisdictions since the beginning of the COVID pandemic.
"Gummies have a number of advantages over other edibles," notes Krestell. "They have a longer shelf-life and they're portable and discreet. Of course, they're also available in a myriad of flavours, textures and finishes so they offer something for all consumer occasions. It's not surprising that they will be continue to be one of the fastest growing segments of the cannabis industry."
Dynaleo's executive team includes leaders in the cannabis and alcohol industries. Krestell was the co-founder of NASDAQ- and TSX-listed Cronos Group and is the CIO and co-founder of Cassidy Asset Management. COO and co-founder Jeff Salzsauler was most recently the Product Development Project Manager for Aurora Cannabis, and Vice President of Business Development, Tom Vella, previously served as Director, International Brands for Heineken Canada Inc. Vice President of Operations Leanne Schmidt comes to Dynaleo from Aurora Cannabis where she was Manager of Operations.
About Dynaleo
Dynaleo is an Edmonton, Alberta-based licence applicant that is focused on manufacturing cannabis-infused adult chews. Dynaleo's purpose-built manufacturing plant contains specialized production equipment that it intends to use to produce CBD and THC edibles for the Canadian market that can be customized in a wide range of flavours, textures, colours, shapes and sizes to meet customer's needs and regulatory requirements.
SOURCE Dynaleo
Andrea Chrysanthou, Global Public Affairs, [email protected]
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