Harold Smith believes his homegrown firm has hit a benchmark in precision cannabis testing, with a patented method that delivers accurate product potency and consistency for consumers.
“We are hoping to transform the cannabis industry,” said Smith of the work being done at his company, CannaMetrix LLC.
Smith is founder and CEO of the Henrietta-based firm that has developed quantitative methods that determine full and broad-spectrum cannabis products’ potencies relative to key cellular biomarkers as a means of developing treatments with the greatest health and medical impact.
“Our goal is to better differentiate products in the marketplace for consumers based on the biologically relevant interactions that critical components in the product have that affect human physiology,” Smith said.
He stressed the company is not looking to compete with current cannabis testing, but rather complement, and enhance, the work being done by reviewing the quality and consistency of the product and thereby enhancing consumer confidence.
Smith said CannaMetrix is uniquely prepared to enhance product development and validate consistent product potency, noting that no other business has proposed the testing methods that CannaMetrix has and that such testing is essential for the growth of the industry.
He is now seeking $5 million from investors to take the firm to the next level.
So far, roughly $2.3 million has been raised and Smith has invested roughly $450,000. He is also looking for strategic partners and is pursuing federal grants.
Smith – professor emeritus at the University of Rochester – has extensive experience in the field, with over 45 years of research experience in RNA biology and over 20 years of experience in biotech and drug discovery.
He is also founder, president and CEO of another local firm, OyaGen Inc., which is an infectious disease drug discovery company, with a specific focus on HIV/AIDS.
Smith has raised over $11 million for OyaGen, which also works on therapeutic solutions for Ebola, COVID-19 and in the field of oncology.
Smith believes CannaMetrix can impact the medicinal cannabis industry by providing pharmaceutical standards for product potency validation and for product consistency testing using a novel human cell-based testing that will result in products with competitive market opportunities.
The company’s human cell-based potency testing and product labeling will assure consumers that they are purchasing a product that will deliver the results they expect, Smith explained.
Whether for inflammatory disease, pain relief or PTSD, consumers want assurances of potency and product consistency, Smith noted.
But while medicinal and adult use cannabis is growing in popularity, numerous reports express concerns that current cannabis testing is inadequate, lacks reproducibility and can be subject to fraud.
“What they’re missing is the biologists,” Smith said.
CannaMetrix’s patented testing method provides a quick-turn around and is relatively inexpensive, he said. Potential customers include testing lab services, growers and dispensaries, and being used in clinical trials.
Smith – who runs the business with his son and has several consultants – sees revenue generation potential from testing services and product endorsements, with additional plans to provide customized potency results.
He projects that a large revenue potential will be in the exclusive licensing or acquisition of the technology as major players enter the cannabis space and want proprietary biological validation for their products.
Since CannaMetrix is a Drug Enforcement Agency and Bureau of Narcotics Enforcement-certified schedule laboratory, future efforts could include work with other schedule one drugs, such as psilocybin.
While he is focused on growing his own businesses, Smith has a broader vision for the nearly 5,000-square-feet of space he leases at 1200 Jefferson Road.
He sees the second-floor location as a place where biotech start-ups can begin to grow their own businesses, having access to equipment and knowledge from those who have extensive experience in the field.
There are already a couple of firms located within the space and there is interest from others, he noted, adding flexible lease options are available.
Smith envisions a Henrietta BioVentures Center, with CannaMetrix and OyaGen as its cornerstones.
“Problem solving methods are part of our DNA,” he said.
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