There’s another kid on the block these days. One with a serious pedigree in innovative cannabis technology, and really, in generating a cool, comprehensive business model. Prescott Logic Technologies, Ltd. started as Prescott Logic LLC in Colorado circa 2014 and currently operates in both the U.S and Canada.It was here that revolutionary Steven Bennett, a man with an impressive portfolio of diverse expertise, created an effective transdermal patch, that proved especially therapeutic for sufferers of chronic pain. “We had dozens of people reporting that it was one of the best pain relief products they had ever tried,” Steven verified.
And while the companies have grown, it started when Steven noticed an absence of quality healthcare professionals and scientists within the cannabis industry. Steven was a postdoc at the University of Colorado’s Anschutz College of Medicine at the time. He hadn’t the startup capital for the equipment to automate the process of his transdermal patch process. But he knew he wanted to marry his academic abilities with cannabis science and entered the industry with aplomb.
Steven earned his PhD in molecular biology from the University of South Florida, and was involved in the development of a drug, now in three separate clinical trials for a drug for treating Alzheimer’s disease and dementia. So, his understanding of human disease and pharmacology was sound. His passion was for cannabis, though, and he knew there was lots of research left to be done. So, the next stop on his journey was to scientific director of Evolab, in Denver. There he worked on several projects, including extraction, wiped-film distillation, and preparative chromatography. This and the generation of other formulations, including gelcaps and beverages, provided Steven with a wealth of processing and product development expertise.Steven then started gaining direct exposure to the Canadian cannabis industry in January 2017 by serving as the Chief Scientific Officer of Maricann in Ontario (now the Wayland Group).
With a trifecta of a strong academic background, the real-life experience gained in the US and Canadian markets, and a resilient drive to monetize his knowledge, Steven chose to echo Sinatra, and do it his way.And so, he formed the aforementioned Prescott Logic Technologies, both in British Columbia, and in Chicago to build the brands of licensed producers and advance the cannabis industry scientifically.
Prescott Logic, LLC and Prescott Logic Technologies Ltd (best to say Prescott Logic) provides equipment to manufacturers through a variety of different vantage points. They represent various brands that they find to be worthy of vending.They are also an original equipment manufacturer of distillation equipment. “We provide some of the only cannabis-innovative wiped film distillation units in the industry”, Steven exclaimed. “We get people up to speed on turnkey processing at any scale.”
Understanding what you have to work with, and how to effectively turn it into medicinal commodities is paramount for a manufacturer’s success. “If you aren’t processing with a high degree of refinement, you can neither standardize nor innovate your products,” Steven explained. He believes that a business strategy should work backwards from a well-thought out product assortment. “If you’re making capsules, you could utilize mediocre plants, since you wouldn’t necessarily desire terpenes. Groups need to mindfully determine their cultivation strategy. It’s no longer all about the highest yielding or most potent plants.”
While the creation of Prescott Logic Technologies began with helping their clients master processing, they are currently building out their portfolio of products that they help groups develop to build their brands. “We have clients that process anywhere from 5 to 5000 kg of cannabis a day,” Steven added. “Our distillation equipment is modular, and designed to scale.” They offer R&D to clients who haven’t the technology or scientific background to do it themselves, thus encompassing the full spectrum from the plant to the product.
It was time to cast aside our discussion of business models, and delve into deeper, more philosophical topics. Questions around what is Steven excited about; what makes him tick; where does he see the future evolution of the cannabis industry?
Like an outlaw gunslinger, Bennett was armed with answers. “We’re after the higher purposes of cannabis, rather than just making a buck. We’re seeking to prove that a product is truly helping in specific disease states.”
He continued. “Is THCV really and appetite suppressant? Does CBN really make us tired? There are hundreds of interesting molecules just waiting to be studied. We’d also need to determine if THC is going to send us all to hell.”
Part of this research includes working on and publishing peer-reviewed methods and publications on proving the entourage effect. Minor cannabinoids, like THCV or CBN, are of greater interest, as more of cannabis’s ambiguities have come to light. Researchers have begun evaluating methods for producing more of these cannabinoids. “I envisioned the industry using yeast or other biological systems to make less prevalent cannabinoids 20 years ago,” Steven discussed.
And while some would perhaps fixate on currency, the mission of Bennett, and Prescott Logic as a whole, is much more futuristic and enveloping. “We seek to maximize the therapeutic benefits of cannabis. We aim to do this through the acceleration of knowledge for the deconstruction and reconstruction of cannabis to provide safe and consistent products to the consumer with scientific validation.” Prescott Logic certainly has much more work ahead, but revels in their ability to offer actual solutions to clients, and not just expensive advice and a puff of smoke.