Water Tower Hour Recap: BayMedica's Jerry Griffin on Why Rare Cannabinoids Are in Demand
BayMedica’s VP, Sales & Marketing, Jerry. P. Griffin joined us on The Water Tower Hour. Those interested can listen to the podcast on Apple Podcasts, Google Podcasts, Spotify, or our website. BayMedica is the commercial business arm of rare cannabinoids-based drug developer InMed Pharmaceuticals. BayMedica sells high purity and consistent rare cannabinoid ingredients to the health and wellness sector. Its business has quickly increased its annual revenue to more than $5 million. Explaining rare (or minor) cannabinoids. As rare cannabinoids are less familiar than the better-known major cannabinoids such as THC and CBD, Griffin explained what they are and, with the help of a little biology lesson, why they demonstrate such powerful health and wellness value. Where BayMedica fits into the rare cannabinoid landscape. The company currently produces four bioidentical rare cannabinoids—CBC, THCV, CBT, and CBD—which are all produced outside of the plant under food grade and GMP conditions to ensure high purity, quality, and consistency, and sold as ingredients to the open market. This roster of rare cannabinoids has been selected given their huge mass market potential based on the scientific research that exists. How the production economics have changed to make rare cannabinoids more accessible. Griffin explained why BayMedica may be considered in the front seat of innovation, which has brought down cost of use of these rare and hard-to-extract multifunctional molecules to levels that have increased their adoption in wellness products. The rare cannabinoid ingredients market has seen explosive growth. Backing this up, Griffin highlighted compelling third-party data that indicate that rare cannabinoid sales have risen from $1.7 million in 2019 to $391 million in 2023 (CAGR of 289%). In terms of market share for rare cannabinoid products, this translates into expansion from under 1% to 21% over the same period. Griffin believes the growth curve will be steep as regulation toward cannabinoids loosens up. This would likely remove a major obstacle preventing the big multinational CPG companies from jumping into the market. Looking forward to 2024. The conversation concluded with Griffin saying that he is excited about the ton of research that is currently being conducted in rare cannabinoids, which he believes can only help to validate their health and wellness value.
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