Legal & Finance Update February 1, 2019
THIS WEEK’S UPDATE
Submission of Research License - This week we submitted the cannabis research and development license. This is a huge milestone for the company, and we expect to file our processing license within the next week.
Activation of Grant - A few weeks ago I mentioned that our NSERC Engage Grant application was approved. This week we received official notice that our grant has been funded and activated. We are having our official kick off call with the lead scientist on the project next week.
Loyalist - We had several calls this week to discuss next steps with our Loyalist research project. The period of the grant with Loyalist is ending in March, and we would like to continue the project. We have previously been using hemp for our research testing and this year we plan to move to a more secured lab and switch our research material to cannabis.
Trademark - We received correspondence back from the USPTO about our US trademarks. We spent time this week on brand.
Submission of Processing License - Our licensing consultant who is helping us draft SOPs is updating our GPP’s to include protocols for edibles/beverages. We believe this will give us a slight edge when corresponding with Health Canada, as our specialists have been told that Health Canada is looking to fast track companies that will enter the edibles and beverages market.
Revise Expense Reimbursement Policy - We are also updating our company expense policy. This is an effort to maintain good corporate governance. We have researched the policies of other similarly situated companies to make sure that we hold ourselves to high standards internally equivalent to those of our industry peers.
Trademark - We will begin filing our EU trademarks in the upcoming weeks.
THINGS WE NEED HELP WITH
If you have seen any great corporate spending guidelines for employees let us know as we are working on our policy internally and it might be helpful to see how other company’s are managing affairs in this area.