RavenQuest BioMed Inc (CNSX:RQB) Has Successfully Brought Bonify Back into Business
Bonify, a client of RavenQuest BioMed Inc (CNSX:RQB) (OTCMKTS:RVVQF) (FRA:1IT), is back in business. Health Canada has reinstated Bonify’s cannabis sales license after a hiatus, imposed, for a compliance contravention, which occurred in 2018. On February 6, 2019, Health Canada accused Bonify of having distributed and sold products purchased from an illegal source, thus violating the Cannabis Act.
The reinstatement is a first for Canada in the context of legal cannabis sales. RavenQuest’s CEO, George Robinson, who also acted as interim CEO at Bonify since early 2019, guided the reinstatement process, which saw the adoption of better operational, record keeping, and employee training practices. RavenQuest has assimilated the lessons from the Bonify experience to build a better business from the perspective of regulatory sustainability and compliance.
In a sense, Bonify has experienced the bureaucratic equivalent of a ‘vaccination’ or immunization if you will, which will allow it to develop the ‘antibodies’ to avoid sinking in regulatory quicksand again. Apart from reviving Bonify’s business, the experience has allowed RavenQuest to strengthen its already successful cannabis industry consulting practice, refining a process, or roadmap, which non-compliant cannabis space operators can adopt to overcome related challenges and disputes with Health Canada – and possibly other regulatory bodies as well.
The formula is simple: abide by the rules and don’t skimp on the details. But, not everybody understands what those rules are – much less the details. To this effect, RavenQuest has examined dozens of licensed facilities to build its ‘library’ of best practices.
The Bonify case highlighted the fact that better technology, record keeping, and control methods are needed to verify the cannabis sourcing process. Health Canada says it imposes strict rules on cannabis producers to ensure they produce quality and safe products.
Better monitoring is necessary to distinguish illicit from legal varieties of cannabis. Indeed, to improve control, Health Canada might consider adopting genomic identification in its cannabis tracking and licensing system. And this is where RavenQuest’s scientific approach to cannabis comes into play – and why it can achieve better and more consistent quality and regulatory standards than some of its competitors; especially, in the context of medical cannabis.
RavenQuest’s highly controlled ‘orbital gardens’ cultivation technique helps improve Regulatory Compliance.
RavenQuest’s orbital gardens improve efficiency by maximizing the number of plants that can grow in a limited area, using a single light source to achieve consistent and scalable production. From a quality standpoint, users of RavenQuest cannabis products – whether medical practitioners or recreational users – can expect consistent experience and effects. Similarly, regulators can also expect the kind of THC, CBD, and terpene consistency that can help set standards. RavenQuest, thanks even to its direct research partnership with McGill University, has the potential to become a consultant for both industry players and government regulators – worldwide – in the methods and techniques to improve cannabis identification.
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