Monthly Extracts Newsletter

 

Edition 8 – December 2020
A Call to Arms for Open Innovation
December 1, 2020 – 5 min read
 Author: Dave Neundorfer
Last month, I shared with you a guide to quality control in CBD 3.0, where we discussed the technological advancements and testing methods necessary to ensure the integrity and consistency of your supply chain and the quality and purity of your products.

These are two legs of the stool that will support the robust, cross-category, adoption of cannabinoid products that enhance quality of life and wellbeing globally. The third leg of the stool is research. Research is not only critical to confirming the safety and efficacy of the underlying compounds and formulations, it will also inform regulatory policy, accelerate  innovation, and, most importantly, provide the data needed to educate the mainstream consumer and catalyze broadscale adoption.

This market’s need for research is acute and urgent, far too large of a challenge and opportunity for a single company to realize using the traditional model of “closed innovation.” This moment requires “open innovation”, an enlightened model which leverages tech-enabled global interconnectedness to democratize information, accelerate intercompany collaboration, and optimize R&D by leveraging best practices across multiple philosophically aligned organizations. As Harvard Business School Professor Henry W. Chesbrough correctly asserts, the “closed” paradigm is obsolete; the new “open innovation” model is needed to strategically leverage “internal and external sources of ideas” to go to “market through multiple paths”.

Last month, I shared with you a guide to quality control in CBD 3.0, where we discussed the technological advancements and testing methods necessary to ensure the integrity and consistency of your supply chain and the quality and purity of your products.

These are two legs of the stool that will support the robust, cross-category, adoption of cannabinoid products that enhance quality of life and wellbeing globally. The third leg of the stool is research. Research is not only critical to confirming the safety and efficacy of the underlying compounds and formulations, it will also inform regulatory policy, accelerate  innovation, and, most importantly, provide the data needed to educate the mainstream consumer and catalyze broadscale adoption.

This market’s need for research is acute and urgent, far too large of a challenge and opportunity for a single company to realize using the traditional model of “closed innovation.” This moment requires “open innovation”, an enlightened model which leverages tech-enabled global interconnectedness to democratize information, accelerate intercompany collaboration, and optimize R&D by leveraging best practices across multiple philosophically aligned organizations. As Harvard Business School Professor Henry W. Chesbrough correctly asserts, the “closed” paradigm is obsolete; the new “open innovation” model is needed to strategically leverage “internal and external sources of ideas” to go to “market through multiple paths”.

Our Ingredient Portfolio

Scott Thorn, Chief Operating Officer, shares Open Book Extracts cannabinoid ingredient product portfolio.

Industry News & Education

THCV: The Rare Cannabinoid That’ll Conquer The Industry

THCV is among the most effective and sought after cannabinoids. With its strong health properties and applications to numerous industries, THCV will represent one of the top three cannabinoids in market share.

The Nuance, Potential, and Pitfalls of Hemp and CBD in Foods and Beverage

Experts in the CBD-infused products market discuss the advances made and insights gathered on this challenging ingredient.

EU court poised to make landmark ruling on CBD in Europe

Five judges on the European Union’s top court in Luxembourg are set to rule on the legality of France’s ban on hemp-derived CBD – and potentially upend the future of Europe’s hemp industry in the process.

Creating Effective CBD-Based Products

Dr. Jenelle Kim details how she got her start in the fast-paced world of cosmetics and most recently, cannabidiol-based products.

In Case You Missed It

OBX & Green Thumb Industries disucss how THCV is produced, how to identify quality THCV, what the current scientific research suggests about this cannabinoid, and how to use it in a formulation setting.

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