Tetra Builds Cannabinoid Pharma Brand

i1v2e5y5pubs
W20022
TETRA BIO-PHARMA: BRAND BUILDING IN THE
CANNABINOID
PHARMACEUTICAL MARKET
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In November 2018, Guy Chamberland, chief executive officer
(CEO) and chief scientific officer of Tetra
Bio-Pharma Inc. (Tetra) of Montreal, Canada, considered how
his company had evolved from a fledgling
start-up to a high-potential venture through the development of
therapeutic cannabinoid-derived drug
products. In October 2018, Canada had become the first G7
nation to legalize the recreational use of
marijuana (cannabis),1 which had then stimulated the
establishment of a burgeoning cannabinoid-derived
drug industry. Chamberland was determined to make Tetra the
“brand of choice” for cannabinoid-derived
pharmaceutical products, but he wondered what the next steps

should be. How could the firm overcome the
prevailing controversy and any lingering social stigma
associated with medicinal applications of marijuana?
How could brand awareness be built in Tetra’s target markets—
healthcare providers and pharmaceutical
distributors—and how could that heightened awareness be
leveraged to drive sales and stimulate investor
interest? Chamberland realized that he was facing a set of
marketing problems centred on brand-building.
Chamberland and his management team knew that their
portfolio of cannabinoid-derived pharmaceutical
products could help treat patients suffering from a variety of
medical conditions, including chemotherapy-
induced symptoms (e.g., nausea, vomiting), chronic pain, ocular
inflammation, anxiety, AIDS symptoms,
and many other ailments. The company’s products were also
free of the harmful or unpleasant side-effects
that arose with many traditional pharmacological therapies, and
they were developed through rigorous
scientific research. Chamberland realized that a critical aspect
of his branding efforts would be how to
communicate to healthcare providers the advantages of future
products in advance of their launches. This
added to the time pressure as the firm’s first drug PPP001 was
expected to receive approval from Health
Canada by late 2019, with approvals in other countries to follow
shortly after. Tetra needed to expedite a
plan for brand-building before the approval of PPP001, and time
was quickly running out.
MARIJUANA LEGALIZATION IN CANADA: THE
INCEPTION OF KEY MARKETS
The legal implications of pharmaceutical marijuana evolved
alongside the legalization of recreational

marijuana. In Canada, recreational cannabis was legalized by
federal law on October 17, 2018.2 Ultimately,
the country’s regulatory liberalization of medical applications
of cannabis created the impetus for broad
legalization for recreational use. Canada then became the only
G7 nation to legalize recreational use of
marijuana. The laws governing its use were complex and existed
at both the federal and provincial levels.
For the exclusive use of X. Wu, 2021.
This document is authorized for use only by Xiaomiao Wu in
Spring 2021 Marketing Management taught by Matt Fisher, San
Francisco State University from Jan 2021 to Jul 2021.
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9B20A003
The federal government was responsible for regulating the
production of cannabis and its use for medical
purposes, and the provinces were primarily responsible for
regulating recreational use.3 Associated
regulatory concerns included details on where cannabis could be
consumed, what the required age for
purchasers would be, who could produce it, and how it could be
distributed and sold.
Canada’s federally-controlled marijuana regulatory framework
had undergone significant changes over the
past few decades with much debate and controversy along the
way. Some political leaders had begun
pushing for legalization of recreational cannabis use as far back
as the 1970s, when the Netherlands
decriminalized marijuana. By 2000, California had legalized
medical cannabis, while in Canada the courts
ruled that citizens had a constitutional right to use cannabis for
medical therapeutic purposes.4 The ruling,
supported by mounting medical and scientific evidence, laid the
groundwork for Canada’s federal Access
to Cannabis for Medical Purposes Regulations (ACMPR). The
legislation was enacted in 2016, and
established the legal framework for medical applications.5 By

early 2018, cannabis was still a federally-
regulated drug in Canada under the Controlled Drugs and
Substances Act (CDSA), which included a
penalty of up to five years in prison for illegal possession.6
Finally, on October 17, 2018, the ACMPR
regulations were replaced by the Cannabis Act, which also
legalized recreational cannabis.7 By comparison,
in the United States, only nine states had legalized recreational
marijuana and 21 permitted its use solely
for medical purposes.8
As Canada pursued marijuana legalization, several markets
began to emerge. On the demand side, there were
two principal markets—one oriented to medical applications and
the other to recreational use—and both markets
represented substantial business opportunities. However, on the
supply side, a third business opportunity (with
associated unique regulatory requirements) was the
pharmaceutical cannabis market. Therefore, the marijuana
industry consisted of three unique, identifiable markets:
recreational, medical, and pharmaceutical.
Canadian producers of marijuana were required to be licensed
by Health Canada. The process was long and
arduous and often took several years to achieve. A prospective
licensed producer (LP) had to submit its
business plan, acquire security clearances, and provide detailed
information related to inventory and
production practices. A sales licence required site inspections
by Health Canada, which took additional
time.9 Importantly, efforts by any business or person to
advertise marijuana to the general public were
heavily restricted, which presented difficulties in marketing and
brand-building.10
Consumers who required cannabis for medical purposes were

required to obtain a medical certificate from
a physician to substantiate that cannabis was an appropriate
treatment for the patient’s medical condition.
The certificate allowed patients to access cannabis in one of
three ways: 1) use the document to register
with an LP to purchase quality-controlled dried marijuana or
cannabis oil; 2) employ it to register with
Health Canada to grow their own medical cannabis; or 3) use it
to designate another person to produce
medical cannabis for them. Individual possession of medical
cannabis had to be approved by the patient’s
physician and was limited to either a 30-day supply or 150
grams, or the equivalent amount in another form
such as oil.11
For firms, like Tetra, that sought to sell cannabis as an
approved drug in Canada, a Drug Identification Number
(DIN) was required by law. A DIN was an eight-digit number
that identified product characteristics, including
the manufacturer, the product name, the active ingredients and
their strengths, and how the drug was to be
administered.12 The acquisition of a DIN was a major milestone
in the drug product development process and it
generally meant that the drug was ready for public consumption.
The process involved three phases of Health
Canada-approved clinical trials. When all clinical trials were
completed and final approval of the drug was
attained from Health Canada, the firm could then apply for a
DIN. If successful, the firm would be permitted to
market and sell its drug.13 Once a DIN was issued in Canada,
the associated research could be used for
subsequent drug applications in other countries, expediting the
international approval processes.

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Attaining Health Canada approval of a drug meant that it was
approved only for certain conditions, based
on focused clinical trials. As a result, a pharmaceutical cannabis

firm could promote its drug only for the
specific therapeutic application for which the drug had been
developed and tested.14 For instance, clinical
trials for Tetra’s PPP001 were focused on the treatment of
cancer pain; therefore, promoting the drug for
any other medical condition would necessitate further clinical
studies, and another regulatory approval.
INDUSTRY OVERVIEW
The three major markets of the Canadian cannabis industry—
recreational, medical, and pharmaceutical—
were each distinctly different. The recreational market included
consumers of varying experience levels
with the drug, who used cannabis for personal enjoyment or
pleasure. The medical market included patients
who had registered with Health Canada to use cannabis to treat
a condition that had been diagnosed by a
physician. With over 100 LPs of recreational and medical
cannabis in Canada, the two markets were
becoming increasingly saturated.15 The pharmaceutical
cannabis market, however, was supplied by only a
few firms that were focused on developing sanctioned
cannabinoid-derived drug products for hospitals and
pharmacies, for treating specific conditions.
Although firms in both the pharmaceutical and medical markets
aimed to serve patients who suffered with
medical conditions, there were three major distinctions between
them. First, pharmaceutical cannabis
products required extensive, time-consuming research and
development (R&D) using scientifically-
rigorous, multi-year studies that resulted in Health Canada drug
approval. Essentially, cannabis-derived
drugs required the same rigorous testing and government
approval processes as other pharmacological

drugs. Firms that produced medical marijuana products,
however, were not required to meet the same
rigorous standards. Due to a lack of available supporting
scientific research, healthcare providers exercised
caution in formally recommending or prescribing medical
cannabis, due to a lack of available supporting
scientific research.16
Tetra’s management sought to position the firm’s products and
brand within the pharmaceutical market.
Tetra actively pursued clinical trials in order to contribute to
the emerging research literature on
pharmaceutical marijuana. In so doing, executives believed that
they could build trust and loyalty among
healthcare providers. Tetra’s management team and employees
commonly used the phrase, “The doctors
want data; let them have data; we’ll give them plenty of data.”
Similarly, insurance companies were
concerned about the lack of clinical evidence surrounding
medical marijuana. From a patient perspective,
the cost of cannabis-derived drugs was disconcerting, and
therefore health insurance companies that offered
drug cost coverage programs were important to them.17
The second major distinction between pharmaceutical and
medical cannabis was cost reimbursement
through public and private insurance plans. One insurance
company announced that it would be adding a
medical marijuana option to some of its group benefit plans, but
reimbursement would be limited to a small
number of medical conditions. Other insurers did not believe
that there was enough substantive evidence
on cannabis pharmaceutical drugs to warrant reimbursement.
Typically, coverage was limited to $500 per
year for medical marijuana and was administered as part of
coverage for alternative therapies, such as

chiropractic. In contrast, formal pharmaceutical drugs qualified
for insurance coverage under public and
private drug plans. Patients who used pharmaceutical cannabis
drugs could potentially receive as much as
$500 per month, which would be unavailable if they used
medical cannabis. Pharmaceutical status was
critical for low-income patients suffering from illnesses that
could be treated with cannabis. These concerns
directly affected Tetra’s marketing communication efforts.

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From a marketing perspective, Tetra’s management believed
that the credibility and trust garnered by
satisfying the rigorous Health Canada pharmaceutical drug-
approval processes would likely lead physicians
to prescribe their drugs instead of products offered by
competitors (other LPs) in the medical marijuana
market. As a result, management felt that the acquisition of
DINs for the products in the firm’s development
pipeline would yield a substantial competitive advantage over
other LPs, and they knew that insurance
companies were more likely to cover the approved drugs.
The third major distinction was diversification into global
markets. In expanding outside of Canada,
medical cannabis producers needed to navigate the perpetually-
changing, unique, and diverse cannabis laws
that existed in every nation targeted for expansion. However,
acquiring drug approval in Canada would
dramatically facilitate drug approvals in other global regions,
such as the United States and Europe. To
allow a tight focus on its core competencies in cannabis drug
R&D and in navigating the domestic and
international regulatory requirements for drug approval, Tetra’s
management solicited drug distributors
with strong marketing capabilities and wide pharmaceutical
distribution channels to get its drug products
into pharmacies. Management believed that its approach would
enhance international expansion, especially

in the United States, where broad federal legalization was not
expected in the near future.
At the same time, “big pharma” firms with access to substantial
capital, distribution networks, and potential
advantages of economies in R&D had also begun to enter the
global pharmaceutical cannabis market. For
example, Tilray, an LP from western Canada, partnered with
Sandoz Canada, a subsidiary of Novartis (the
fourth-largest pharmaceutical firm in the world), to develop
future cannabinoid-derived products in non-
smokeable forms.18 CannTrust, another Canadian LP, was
linked with the large Canadian pharmaceutical firm
Apotex for the future development of a cannabinoid-derived
pill.19 However, despite entrance of large
pharmaceutical firms, the medical conditions they sought to
address were not clearly defined and, consequently,
their drug products would not likely reach markets until several
years after Tetra’s PPP001 launch.
No substantial competitors existed for Tetra at the product-
specific level of competition (i.e., the brand
level) but other similar pharmaceutical companies were engaged
in related product development. The world
leader in the pharmaceutical cannabis market was the U.K.-
based firm, GW Pharmaceuticals (GW), which
had developed cannabinoid-derived oral sprays for the treatment
of multiple sclerosis symptoms. GW’s
first product was initially approved in Canada in 2005 and by
2018 had been approved in 30 countries,
including 21 European nations.20 GW did not market its
product directly to consumers but marketed
primarily through other pharmaceutical firms such as Bayer, the
multinational life sciences company.21
Additionally, InMed Pharmaceuticals (InMed), a Canadian firm,

was preparing to launch clinical trials for
a cannabinoid-derived product that would help in treating
certain skin conditions and eye disorders.22
InMed, however, was years behind Tetra, as PPP001 was
already nearing the end of clinical trials.
Furthermore, even though new entrants were appearing, each
cannabinoid-derived pharmaceutical
company to date had trialed its products for different medical
conditions.
TETRA BIO-PHARMA: INCEPTION AND EVOLUTION
Over the course of its short life, Tetra experienced a tumultuous
evolution characterized by numerous
mergers, partnerships, and subsidiaries. Tetra was established in
2014 to produce medical marijuana under
the name GrowPros Cannabis Ventures (GrowPros), following
the merger of two smaller companies (see
Exhibit 1). After the merger, management strategically re-
oriented the firm with a view to becoming a
cannabinoid-derived drug developer. Additionally, GrowPros
provided consulting services to other LPs. In
2016, GrowPros announced the creation of a subsidiary, Phyto
Pain Pharma (PPP), which focused on the
development of pharmaceuticals for the treatment of cancer pain
and other terminal medical conditions.

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Chamberland became PPP’s chief scientific officer, bringing
with him over 20 years’ experience with
clinical trials, drug development, and pharmaceutical regulatory
involvement. Later, a firm that specialized
in natural health products and cosmetics was acquired as a
subsidiary and named Agro-Tek. Through this
acquisition, GrowPros could develop cannabis-related natural
health products for retail that could be sold
without a DIN.

GrowPros Cannabis Ventures changed its name to Tetra Bio-
Pharma in 2016, in a move to enhance its
image in the pharmaceutical products market. Immediately
thereafter, the firm began phase-one clinical
trials of its first product, PPP001, the world’s first smokeable
dried cannabis drug product with guaranteed,
consistent patient dosages. Developed for terminal cancer
patients, PPP001 had the potential to be highly
effective in pain relief and offered the added benefit that it was
smokeable, a key attribute because many of
these patients were not able to ingest other comparable
therapeutic pain treatments. Throughout 2017, Tetra
established several national and international partnerships with
other pharmaceutical firms, distributors,
universities, and device manufacturers in order to advance
global commercialization of PPP001 and other
products in its pipeline. Management deemed the partnerships
necessary for advancing R&D for future
products (see Exhibit 2). Essentially, management decided to
outsource operational aspects of its R&D,
including clinical trials.
In mid-2017, Tetra made a similar strategic decision to move
away from the production of cannabis and
divested its GrowPros subsidiary in order to concentrate solely
on pharmaceutical cannabis products and
capitalize on the growing demand from healthcare providers for
an “evidence-based” approach to medical
cannabis and for more scientific data on patient safety.
Chamberland believed that with this repositioning,
Tetra’s credibility could be enhanced and the company could be
perceived as the premier pharmaceutical
cannabis brand and thus secure the physicians’ trust.
Several key R&D achievements occurred in 2017. Phase one of

the PPP001 clinical trial was completed,
which brought the firm one step closer to achieving Health
Canada drug approval. Importantly,
management realized that acceptance would open the market for
the drug’s prescription to cancer patients
who could obtain insurance coverage and reimbursement. A
related product, Tetra’s RxPrinceps, had begun
selling through the website of Aphria, one of Tetra’s partners
and a major licensed producer of recreational
and medical cannabis. Throughout the year, Tetra had also
announced the addition of four more products
to its pipeline for which it would seek additional Health Canada
approvals (see Exhibit 3).
Tetra’s management aggressively sought the financial capital
that was critical for completing the clinical
trials and enhancing its distribution networks. By 2018, Tetra
had successfully acquired funding for
additional clinical trials, including the final trial phase for
PPP001. A major investment banking firm,
Echelon Wealth Partners, raised $11.5 million, and $4.3 million
was subsequently accumulated in a private
placement. Tetra’s financial situation was solid—the firm had
raised over $15 million and had over $9
million in cash at the end of May 2018 (see Exhibit 4).
Despite R&D advancements, Chamberland remained concerned
that Tetra was perceived by many potential
investors as just another marijuana production company. He
realized that further work was needed—
particularly in brand building—if financial inflows were to
continue. Current and potential stakeholders
needed to realize that Tetra was a company dedicated to
bringing government-approved pharmaceutical
products to market and did not produce recreational and medical
cannabis. Chamberland believed that

changing the perception of Tetra was essential to the firm’s
brand-building efforts, and he thought this
approach should form the basis for the firm’s marketing
communications efforts.

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TETRA’S STRUCTURE AND ORGANIZATION
Chamberland, and Tetra’s management team generally, had
limited experience in the marijuana industry.
Prior to his appointment as CEO, Chamberland was primarily
responsible for the design, execution, and
management of all clinical trials for Tetra’s growing product
pipeline. In his current role, Chamberland
oversaw management of all aspects of the firm including
marketing and business development, which were
not his areas of expertise, and the Tetra management team filled
the required business functions. The
managers’ areas of expertise included capital markets, new
ventures, consumer product marketing, mergers,
health and food products, and pharmaceuticals (see Exhibit 5).
The composition of the team was intentional,
as Tetra aimed to position itself as a pharmaceutical firm, not as
a licensed marijuana producer.
Tetra had evolved into an organization comprised of three
divisions, each defined by the markets it aimed
to serve: 1) Tetra Natural Health (formerly known as Agro-
Tek), which produced cannabinoid-related
products that did not require a DIN; 2) Tetra Veterinary Health,
which was intended to develop cannabis-
derived products for the pet product market; and 3) Tetra Bio-
Pharma (formerly known as PhytoPain
Pharma (PPP), which was the pharmaceutical division that
focused on drug products. The drug products
were named after the PPP division, such as PPP001, although

each product would have to be formally
named and branded following final approval by Health Canada.
Tetra Natural Health was responsible for
selling RxPrinceps as well as a hemp-derived energy drink and
developing topical products for skin care.23
Tetra also became a licensed seller of Munchies-B-Gone
chewing gum, which reduced the food cravings
often brought on by cannabis use. Management was also
exploring opportunities for cannabinoid-derived
veterinary products, a bold, innovative move, well-suited to
Tetra because several members of the
management team had extensive experience in veterinary
medicine.
Tetra had developed many strategic partnerships that
management believed were integral to the firm’s
business model and which were intended to enhance efficiency
and facilitate product development,
production, and distribution. For example, the raw, dried
cannabis for PPP001 was produced by Aphria,
and Ford’s Family Pharmacy processed and packaged the
product under Tetra’s oversight (see Exhibit 2).
CONSUMER ATTITUDES
Despite legalization, social stigma still surrounded marijuana
and its use. Related issues included road
safety regulations and laws that guided workplace testing for
marijuana use. Many people believed that
cannabis was a substance that affected productivity, making
users less motivated to contribute to society
and to their workplaces.24 The Canadian Association of Chiefs
of Police expressed concern regarding
impaired driving related to marijuana.25 In the United States,
some politicians and government officials still

considered marijuana to be a “gateway” drug associated with
subsequent use of harder drugs and
criminality. In speaking about potential marijuana legalization,
former US Attorney General Jeff Sessions
captured the sentiment of many when he stated “. . . you’ll see
cocaine and heroin increase more than it
would have, I think.”26 Others simply disliked the odour of
marijuana smoke.
But even with the uncertainties, many Canadians supported
broad recreational legalization. A study
conducted by Dalhousie University, a large Canadian
institution, showed that nearly 70 per cent of adult
Canadians polled supported recreational legalization.27
Acceptance rates had shifted dramatically over
several decades. A 1969 Gallup poll reported that only 12 per
cent of Americans were in favour of legalizing
marijuana. This figure increased to 53 per cent by 2015,
according to a Pew Research Center survey, which
also reported that nearly half (49 per cent) of Americans
claimed to have tried marijuana.28 According to a
2017 Gallup poll, 64 per cent of Americans supported marijuana
legalization.29 However, consumer data
was still limited in terms of estimating how many people had a
desire to use marijuana.

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Navigating the complex cannabis advertising regulatory
environment was proving to be difficult and
expensive. As a result, advertising had a limited ability to
combat any negative perceptions of cannabis use.
Canadian cannabis companies could not formally advertise their
products, and the regulations that restricted
advertising left profound questions about how consumers and
patients could be targeted in Tetra’s
marketing communications.30 By comparison, in Colorado, a
state where recreational marijuana was legal
and few advertising restrictions existed, cannabis companies

used lifestyle marketing techniques to portray
marijuana usage as an acceptable choice. The ads used imagery
of adventurous, creative, or professional
individuals who were participating in everyday activities while
simultaneously conveying them as
accepting and supporting cannabis products.31 The campaigns
helped to combat the social stigma that
cannabis users were lazy, unmotivated “stoners.” However, in
Canada, because of prohibitive and unclear
cannabis advertising laws, such advertising techniques were
unavailable to Tetra.
MARKETING EFFORTS
Despite the challenges, Tetra was determined to be perceived as
a pharmaceutical firm, different from firms
that operated in the medical and recreational markets. Tetra
adopted the motto, “A global leader in
cannabinoid-derived drug development and discovery.” Tetra
emphasized the extensive supporting
scientific validation and safety data required for inclusion in the
pharmaceutical industry by government
regulators, physicians, and insurance companies. The brand had
to be carefully and deliberately
communicated to the medical community, investors, and
potential consumers. However, marketing was
allocated a modest budget, despite management’s stated
intention to position the firm as a global
pharmaceutical leader. For instance, for the quarter ended
February 28, 2018, Tetra had spent $80,246 on
marketing activities—an amount similar to most quarters.
Because cannabis advertising was currently heavily restricted,
Tetra attempted to leverage the key
marketing communication mix components that were
available—public relations (PR) and publicity. This

approach enabled the firm to engage wide audiences through
local, national, or international news networks,
and to reach target audiences through cannabis-focused
websites. Wherever possible, Chamberland
participated in radio and online interviews to showcase Tetra as
a research-focused pharmaceutical
company and to discuss general topics in the cannabis industry.
Ultimately, with Health Canada’s approval, communicating
Tetra’s products and their benefits was enabled.
Unlike cannabis-producing firms in the recreational market,
pharmaceutical firms with approved
cannabinoid-derived drugs were permitted to advertise their
products with numerous disclaimers and
restrictions.32 Globally, the regulatory body in each respective
nation ultimately determined advertising
restrictions. Tetra’s chosen distributor in each market employed
its knowledge to work within the regulatory
restrictions and to formulate appropriate messaging. Moreover,
until clinical trials were completed and
Tetra was cleared to market and sell its drugs, executives could
market the company and build the brand
only by focusing on investor awareness.
Potential financial investors were seen as instrumental in
building brand awareness and as essential for
spreading information to many different stakeholders through
word-of-mouth. For example, Tetra’s public
news releases appeared on the website of the Toronto Stock
Exchange and other stock market-related
websites, but the firm also actively forwarded them through
channels that were not focused solely on
investors. Tetra was also beginning to receive coverage from
local media, although national and
international coverage was lacking. Steeve Neron and Bob
Bechard managed the firm’s social media

platforms, where news releases and other, non-formal
announcements were made.
Page 8 9B20A003

Tetra’s management team regularly attended industry
conferences, which brought together pharmaceutical
firms from across the globe for potential partnership
opportunities. Interest was also generated by clinical
trial research. Bechard made a strong effort to seek out and
contact many leads, including possible
distributors and potential product development partners, through
cold e-mailing them and setting up
meetings prior to conventions. In some cases, Tetra had 30 or
more meetings set up in advance of
conventions. To facilitate these efforts, the firm generated
marketing materials to be used when cold e-
mailing potential partners, including summary product sheets
that contained details of all drug products in
Tetra’s pipeline. These efforts had already generated positive
results—the company had reached an
agreement with Azevedos, a large pharmaceutical firm based in
Portugal, for the distribution of PPP001
that began with a cold e-mail by Bechard. But much more work
remained: Tetra had reached PPP001
distribution agreements with only two distributors—the one in
Portugal and another in Israel—so the
upcoming conferences and conventions would be critical to the
success of the company’s first drug product.
Chamberland also attempted to enhance Tetra’s brand
aesthetically. A graphic design team was hired to create
a new logo that better captured its mission and vision. The new
logo featured the company’s name in green
block text, along with a cross, the universal symbol for
healthcare. The new version no longer featured green
leaves, which could easily be associated with marijuana growers
(see Exhibit 6). The firm also developed and
shared several high-quality, professional photos and concepts
related to their products and packaging on the

company’s website and its highly active social media sites on
Facebook, Twitter, and LinkedIn.
Overall, Chamberland believed that Tetra’s marketing efforts
were weak and in need of enhancement. Key
marketing shortcomings included a lack of general
responsiveness and the limited dissemination of
marketing communications. Notably, there was a short period of
time in early 2018 when phone lines
intended for investor relations had been inadvertently
disconnected, causing confusion and concern among
some shareholders. Further, the firm had not done enough to
communicate the benefits of PPP001 to the
medical community in advance of Health Canada approval.
MOVING FORWARD: THE DECISIONS
After only two years, Tetra had made good progress. Yet,
Chamberland still wondered what the next steps
should be to ensure that PPP001 would be successful after the
completion of the clinical trials. The future
growth of the firm depended heavily on the product’s
acceptance by the doctors who would be prescribing
the product and on the willingness of distributors to market and
sell it. And, despite Tetra’s best attempts
to communicate its value proposition—providing products
backed by robust scientific data and insurance
coverage—the firm was still viewed as simply one more seller
of a commodity product hoping to capitalize
on a relatively unknown and unpredictable market.
As Chamberland packed up on that November evening, he
considered how best to build the Tetra Bio-
Pharma brand. He was struck by the importance and breadth of
the decisions to be made. Chamberland
wondered how Tetra should communicate the superior benefits

of its products over similar medical
cannabis products that, crucially, were not backed by such
rigorous research. How could Tetra position
itself as a global leader in cannabinoid-derived pharmaceutical
drug development and discovery, starting
in Canada? Ultimately, Chamberland realized that a focused
marketing effort needed to be applied to these
problems, and he wondered if Tetra was on the right track. He
knew that success hinged on building the
Tetra brand in addition to carefully managing a multitude of
other critical business activities.

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EXHIBIT 1: TETRA BIO-PHARMA HISTORY TIMELINE
Date Event Description of Event
Dec. 2014 GrowPros Cannabis Ventures is
formed
Mazorro Resources and GrowPros MMP merge.
Jun. 2016 GrowPros creates Phyto Pain
Pharma subsidiary
Chamberland joins the organization with a 20% stake in
Phyto Pain Pharma.
Sep. 2016 GrowPros renamed “Tetra Bio-
Pharma”
Marked the beginning of the company’s pharma-based
approach to cannabis.
Dec. 2016 Aphria invests in Tetra Strategic investment of
$1,000,000. Aphria also supplying
cannabis for PPP001 clinical trials.

Feb. 2017 PPP001 phase 1 clinical trials begin Marked the
world’s first clinical trials on smokeable cannabis.
Nov. 2017 RxPrinceps sales commence Sales of RxPrinceps
cannabis and RxPrinceps inhalation
device begin selling exclusively on Aphria’s website.
Dec. 2017 PPP005 clinical trials launched Cannabis oil clinical
trials run in partnership with Santé
Cannabis.
Feb. 2018 PPP001 phase 3 trials begin 946 subjects enrolled in
the clinical trials.
Apr. 2018 Chamberland named acting-CEO Replaced Bernard
Fortier, who stepped down. Chamberland
also retained his role as CSO.
April/May
2018
Distribution agreements announced Two agreements with
pharmaceutical firms for distribution of
PPP001 in Portugal and Israel. Agreement also reached with
Namaste Technologies for distribution of RxPrinceps.
Source: Created by the case authors based on company
documents.
EXHIBIT 2: PARTNERSHIPS
Academic Research Partnerships
University of New
Brunswick
Tetra has provided $500,000 in cannabis research funding to
UNB.

Tetra will be offered the intellectual property rights to any
commercially-viable products.
Dr. Stan Kubow,
McGill University
Through an NSERC Engage Grant, Tetra has funded Dr.
Kubow’s research on the plant cannabis
sativa and specific related extraction processes.
Tetra will have the right to develop intellectual property derived
as a result of the research.
Product Development Partnerships
Ford’s Family
Pharmacy
Developed the RxPrinceps inhalation device, a titanium pipe to
be used with RxPrinceps and
PPP001.
Responsible for manufacturing and packaging of RxPrinceps
and PPP001 using Aphria’s dried
cannabis.
AES Analysis
Expertise
Solution
Environment Inc.
Partnership to develop and commercialize products to ensure

safety of caregivers of patients
utilizing PPP001 or medical cannabis.
Tetra hoped that this product would qualify as a medical device,
which could be covered by public
and private insurance plans.
Neptune
Technologies &
Bioresources Inc.
Partnership for commercialization of cannabinoid-based oils for
pain and inflammation relief in the
natural health products and veterinary markets.
The firm’s state-of-the-art facilities for extraction of
ingredients for oil production could be a valuable
asset for development of cannabis oils.
Clinical Trial Partnerships
Algorithme Pharma Conducted PPP001 phase one clinical trials
with PhytoPain Pharma.
IntelGenx Corp. Development partner for PPP002, which aims
to treat anorexia and chemotherapy-induced pain.
Sante Cannabis Clinical trial partner for PPP001 phase three
trials.

Quebec’s first medical clinic and resource centre specializing in
cannabis.
The company planned to enrol 946 patients in PPP001 trials.
Panag Pharma Inc. Partner for PPP003 (ocular pain and
inflammation) and PPP004 (nerve pain).
Through this partnership, Tetra would sell ocular and topical
products in North America, with right
of first negotiation for outside territories.
Constance
Therapeutics
Partner for development and commercialization of standardized,
patent-pending, medical cannabis
extract products as treatments for cancer.
Tetra and Constance focused on products with the potential to
treat forms of brain, blood, bone,
and skin cancers.

9B20A003
EXHIBIT 2 (CONTINUED)
Supply and Distribution Partnerships
Aphria Inc. Supplied the cannabis needed for phase three
clinical trials of PPP001 and for RxPrinceps, which
was sold through Aphria’s website.
Aphria maintains strict standards exceeding those imposed by
Health Canada and thus were
Tetra’s preferred supplier option.
Kamada Ltd. Agreement to market and distribute PPP001 in
Israel, in exchange for royalty and milestone
payments to Tetra.
Azevedos Industria
Farmaceutica, S.A.

Agreement to market and distribute PPP001 in Portugal, in
exchange for royalty and milestone
payments to Tetra.
documents.
EXHIBIT 3: PRODUCT PIPELINE
Product Discovery Pre-
Clinical
CTA/IND Phase
1
Phase
2
Phase
3
Phase
4

Partner
Advanced
cancer pain PPP001
Chemotherapy-
induced (nausea
& vomiting) PPP002 – Dronabinol XL
Intel Genx
Corp.
Chronic pain
PPP002 – Dronabinol XL
Intel Genx
Corp.
Treatment for
ocular pain &
inflammation
PPP003
Panag

Pharma Inc.
Cannabinoid-
based pipeline
R&D
SUPPLEMENT PIPELINE
Topical cream
treatment of
neuropathic pain
PPP004
Panag
Pharma Inc.
Oral cannabis of
oil capsules for
treatment of
chronic pain
PPP005 PPP005

9B20A003
Name Form Details
PPP001 Dried
cannabis
to be
smoked
Tetra’s lead pharmaceutical product.
For the treatment of late-stage moderate-to-severe cancer pain;
600,000 patients suffer from

cancer pain in the United States alone, a $5 billion market.
A formulation of three separate strains of cannabis, produced
and supplied by Aphria, and
processed and packaged by Ford’s.
Could serve as a replacement for opioids, to which many
patients do not respond.
Recommended to be smoked using Tetra’s proprietary
RxPrinceps inhalation device.
Currently in phase three clinical trials
Approval in Canada would allow for streamlined approvals in
other nations. Two distribution
agreements are already in place with pharmaceutical companies
in Israel and Portugal in
anticipation of commercialization.
Would be the first smokeable cannabis product in the world to
receive a Drug Identification
Number (DIN).
DIN expected in 2019; sales expected to commence in 2020.
The pre-DIN version, RxPrinceps, is sold online through
Aphria.
PPP002 Tablet Uses IntelGenx’s Dronabinol AdVersa tablet,
which can be ingested, and allows for a delayed
release of THC.
A similar product, Marinol, is already on the market, but it is

synthetic, not natural. The sustained
release associated with PPP002, which uses natural THC, may
result in reduced side effects.
Would be used to treat symptoms of anorexia, nausea, and
vomiting caused by chemotherapy,
and chronic cancer pain.
Tetra anticipates applying for a DIN as early as Q1 2019.
PPP003 Eye drops For ocular pain and inflammation, including
inflammation from medical operations.
Phase one trial planned for Q3 2019, with testing on dogs also
anticipated.
$3 billion potential market.
PPP004 Topical
cream
For treatment of nerve pain ($2.9 billion market).
Anticipated start of phase one trial in Q1 2019.
PPP005 Cannabis
oil-derived
capsule
Will use Tetra’s formulation and Aphria’s dried cannabis.

Users of cannabis oil begin to feel the effects in a slightly
longer amount of time (0–30 minutes
for smoked cannabis; 30 minutes–2 hours for ingested oil), but
the effects last longer (0–1.5
hours for smoked cannabis and over 6 hours for ingested oil).
The first clinical trial using capsule-based cannabis oil in
Canada.
Phase two trial conducted in partnership with Sante Cannabis.
Will be used to treat various forms of chronic pain.
Note: R&D = research and development, DIN = drug
identification number, THC = Tetrahydrocannabinol.
documents.
EXHIBIT 4: TETRA BIO-PHARMA FINANCIAL
STATEMENTS (CA$)
Balance Sheet August 31, 2018 November 30, 2017 November
30, 2016
Assets
Current assets
Cash 9,262,296 2,193,114 1,218,639
Sales tax receivable 573,384 194,157 62,703
Prepaid expenses 324,554 60,957 90,869

Inventory 274,560 44,542 –
Total current assets 10,434,794 2,492,770 1,372,211
Non-current assets
Intangible assets 8,642,290 8,645,890 216,000
Total assets 19,077,084 11,138,660 1,588,211
Liabilities
Current liabilities
Accounts payable 1,219,793 499,053 191,667
Shareholders’ equity
Total equity 17,857,291 10,639,607 1,396,544
Total liabilities and shareholders' equity 19,077,084 11,138,660
1,588,211

9B20A003
Income Statement Nine Months Ended
August 31, 2018
Year Ended
November 30, 2017
Year Ended
November 30, 2016
Expenses
Research and development 3,522,663 2,060,059 263,544
Stock-based compensation 1,373,834 2,141,172 125,400
General and administrative expense 2,678,595 2,494,108
608,022
Disposal of GrowPros MMP (4,254,452) – –
Net loss 3,320,640 6,695,339 996,966
Source: Created by the authors based on company documents.

EXHIBIT 5: TETRA MANAGEMENT TEAM
Name Title Background
Guy
Chamberland,
MSc, PhD
CEO & Chief
Scientific
Officer
Served as VP of clinical & regulatory affairs at Victhom
Laboratory and as VP of
regulatory affairs & clinical development at Angiogene Inc.
Also worked for CATO
Research Ltd and MDS Pharma Services specializing in
regulatory affairs in areas
of drugs, biologics, medical devices, combination products, and
botanicals.
Bob Bechard EVP,
Corporate
Development
& BD

12-year term at RBC as a senior venture capitalist, made
numerous investments,
sat on the board of more than 25 life science companies, and
was actively involved
in the negotiation of numerous strategic alliances, partnerships,
and outright sales
to both pharmaceutical and biotech companies.
Bernard
Lessard, MBA,
CPA, CMA.
CFO Considerable experience as c-suite executive in life
sciences sector in start-ups.
Experienced CFO in risk management and governance. Was
involved with
numerous financings, venture capital funds, and M&A
transactions.
Strong political connections to Quebec government.
Richard
Giguere
CEO, Tetra
Natural

Health
Over 20 years of experience in sales and marketing in the
pharmaceutical industry
from coast to coast for various pharmaceutical companies in
sectors such as
generics, branded products, and medical devices. Launched
several new
products on the Canadian market.
Steeve Neron VP,
Marketing
Over 32 years of experience in sales, brand management, and
marketing in the
pharmaceutical industry. Developed and managed multiple
marketing and brand
strategies.
Denis
Courchesne
VP, Sales Over 25 years sales and management experience in
the retail environment;
significant experience in pharmacy and health food channels

where he held
positions as national sales manager.
Note: CEO = chief executive officer, EVP = executive vice
president, CFO = chief financial officer, BD = business
development,
VP = Vice President.
documents.
EXHIBIT 6: TETRA BIO-PHARMA LOGOS, AND
RXPRINCEPS PACKAGING
Old logo: used until October 2017. New logo: used October
2017
to present.
Rx Princeps dried cannabis
packaging
Source: Company documents.

9B20A003
ENDNOTES
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17 Ibid.
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22 Eric A. Adams, “A Message to Our Shareholders,” InMed
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www.inmedpharma.com/letter_to_shareholders/.
www.inmedpharma.com/letter_to_shareholders

www.gwpharm.com/healthcareprofessionals/sativex/prescribing-
information
http://sativex.co.uk
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approvedfor-cancer-pain-1.635324
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006SEP2018%20FINAL
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www.canada.ca/en/health-canada/services/getting-cannabis-
from-licensed-producer/accessing-fromlicensed-producer.html.
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cannabis-excise-tax-697662461.html
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www.theguardian.com/world/2018/jun/06/all-eyes-on-canada-
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Page 14 9B20A003
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marijuana-legalization-reaction-1.4045974.
https://torontosun.com/news/national/legal-weed-wont-
eliminate-pot-stigma-experts

www.burlingtonfreepress.com/story/news/2018/05/14/vermont-
marijuana-law-how-long-does-marijuana-thc
www.munchiesbgone.comTETRA BIO-PHARMA: BRAND
BUILDING IN THE CANNABINOID PHARMACEUTICAL
MARKET MARIJUANA LEGALIZATION IN CANADA: THE
INCEPTION OF KEY MARKETS INDUSTRY OVERVIEW
TETRA BIO-PHARMA: INCEPTION AND EVOLUTION
TETRA’S STRUCTURE AND ORGANIZATION CONSUMER
ATTITUDES MARKETING EFFORTS MOVING FORWARD:
THE DECISIONS EXHIBIT 1: TETRA BIO-PHARMA
HISTORY TIMELINE EXHIBIT 2: PARTNERSHIPS EXHIBIT
2 (CONTINUED) EXHIBIT 3: PRODUCT PIPELINE EXHIBIT
3 (CONTINUED) EXHIBIT 4: TETRA BIO-PHARMA
FINANCIAL STATEMENTS (CA$) EXHIBIT 4 (CONTINUED)
EXHIBIT 5: TETRA MANAGEMENT TEAM EXHIBIT 6:
TETRA BIO-PHARMA LOGOS, AND RXPRINCEPS
PACKAGING ENDNOTES

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