SRED Unlimited Consultant David Reti attended the recent Grow Up Cannabis Conference in Niagara Falls, Ontario.
“What struck me most, was how few companies knew about the SR&ED program, despite being eligible for some significant refunds.”
The two-day conference was held at the Niagara Falls Conference Centre and featured keynote speaker Dr. David (Dedi) Meiri of the Technion – Israel Institute of Technology. Dr. Meiri offered a fascinating glimpse into the leading edge of cannabis-related medical research. Were you aware, for example, that the human endocannabinoid system is full of receptors that are based on the exact same molecules as produced by the cannabis plant? This is a large part of why the plant can have such powerful and extraordinary effects on us – because it literally produces the molecules that create reactions in our systems.
Prof. Meiri’s Laboratory of Cancer Biology and Cannabinoid Research in the Faculty of Biology is the largest of its kind in academia, with 44 researchers developing methods for analyzing the active compounds in over 900 different types of cannabis plants. He works with cannabis growers to identify almost every strain of marijuana grown in Israel, with the goal of matching specific strains to the diseases each affects. “When we started to work with cannabis in the lab, we found that cannabis #1 could kill colon cancer cells but did nothing for prostate cancer, while cannabis #2 killed prostate cancer but didn’t affect colon cancer,” he said.1
The news he shared seems promising – there is significant progress being made in cultivating specific strains to cure and manage all kinds of ailments, from autism to Crohn’s to cancer. In recent years, there has been a rapid increase in the medical use of cannabis worldwide, and an extensive range of cannabinoid-based treatments have been studied and offered to patients.
The next presentation was a panel on the state of the Canadian cannabis industry and the consensus is: not good. There is a massive oversupply of product right now, companies are poorly financed and being managed poorly, and government regulations are extremely restrictive. None of this is a surprise for an industry that is still in its infancy.
But the good news is that SRED Unlimited can help with at least one of the problems – financing.
Many companies, in an effort to get lean, produce a better quality product, have higher yields, and develop strains for specific results, are doing work that could be eligible for SR&ED credits. There’s a huge potential for companies to recapture some of their R&D expenses – which is exactly what the program is intended to do.
We’ll be keeping an eye out for future developments for cannabis growers. But in the meantime, if you’d like to learn more, contact David directly for more information on what you can claim.