Cardiol Therapeutics Inc (TSE:CRDL) (OTCMKTS:CRTPF) CEO David Elsley told shareholders that the company is expecting significant growth in 2020 as it moves to launch its pharmaceutical cannabidiol formulation in Canada.
The Oakville, Ontario-based firm develops innovative cannabidiol medicines for heart disease.
Elsley called 2019 a “pivotal year” for the healthcare company as it put the pieces in place to commercialize its THC-free cannabidiol therapeutic.
READ: Cardiol Therapeutics inks supplier agreement to offer pharmaceutical cannabidiol products to Shoppers Drug Mart subsidiary
"We attracted industry-leading talent to our management team, world-class stewardship and experience to our board of directors, and global thought leaders in cardiology to the steering committee for our Phase 2 international trial in acute myocarditis,” Elsley told shareholders in a statement.
“We also established the commercial infrastructure and pharmaceutical supply chain necessary to support the commercial launch of the purest cannabidiol in the world - a product specifically formulated for consistency, stability, and purity to meet the needs of millions of people who should not be exposed to THC,” he added.
Cardiol recently signed a supplier agreement with Canada’s largest pharmacy chain Shoppers Drug Mart to become a medical cannabidiol supplier to the national chain. The firm will supply its cannabidiol products to Shoppers to sell nationally through its online store, Medical Cannabis by Shoppers. Shoppers may also purchase future products available from Cardiol.
CEO Elsley said the company expects to see substantial growth in the coming year as it builds brand awareness of its cannabidiol formulation, which will launch in Canada's C$1.2 billion medicinal cannabinoids market.
The firm also has plans to expand into Europe and Latin America, according to Elsley, and kick off an international trial in patients with acute myocarditis, an inflammatory form of heart failure that represents a leading cause of sudden cardiac death in children and young adults.
The study is being planned at world-leading heart institutes around the globe.
Cardiol said that its current working capital will be sufficient to fund its operations and capital requirements through to March 2021.
It ended its fiscal 2019 with a net loss of C$13.7 million and nearly C$7 million in cash.
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