CORAL SPRINGS, Florida, March 10, 2014 /PRNewswire/ --
Biotech news and Marijuana's continued rise in growing demand results in companies taking steps to advantage of strategic alliances: OSL Holdings, Inc. (OTC: OSLH), Terra Tech Corp. (OTC: TRTC), Growlife, Inc. (OTCBB: PHOT), Medical Marijuana, Inc. (OTC: MJNA) and InterMune, Inc. (NASDAQ: ITMN).
OSL Holdings (OTCQB: OSLH) announced today its entry into the legal marijuana market. OSL Holdings has contracted with one of the oldest legal medical marijuana dispensaries in California, The Natural Way of LA, to develop marijuana production facilities in California. OSL intends to form a separate subsidiary to create production facilities in states that presently have legal medical marijuana dispensaries and also position itself to accommodate the growing recreational markets in Colorado and Washington and elsewhere as legal recreational markets emerge. OSL intends to spin off that subsidiary to its existing shareholders after complying with necessary SEC filings and procedures.
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In addition, The Natural Way of LA has executed a marketing agreement with the Equality Rewards division of OSL committing to participate in Equality Rewards.
Steve Gormley, President of Equality Rewards, said, "We are excited to extend Equality Rewards into the legal medical marijuana market in California. We look forward to participating in the "Green Rush" that is sweeping the nation and are positioned to support the legal recreational markets as they emerge."
Terra Tech Corp. (OTCQB: TRTC) through their subsidiary GrowOp Technology, is pleased to announce the formation of a team that will focus on medical cannabis opportunities in the Northeast. The team will be headed by Evan Nison, the Executive Director of NORML New Jersey and Co-Founder and Director of New York Cannabis Alliance. Evan, whose medical cannabis industry beginnings stem from the grassroots movement to tax and regulate initiatives, has been a driving force behind marijuana law reform in both New Jersey and New York. He brings years of experience and success running organizations focused on advocating on behalf of consumers, patients, business owners, and other stakeholders to progress sensible and responsible cannabis reform legislation.
Growlife, Inc. (OTCQB: PHOT) a diversified company operating in the legal cannabis industry which develops, markets and deploys products and services of legal cannabis, is pleased to announce the completion of its first GIFT transaction with CMMS, Inc., known better in the Colorado mountain ski communities as LEAF Aspen and Fat City Test Kitchen. The GrowLife Infrastructure Funding and Technology program (GIFT) allows fully-licensed and compliant growers and dispensaries in well-regulated cannabis markets to spread the cost of infrastructure builds over time. The GIFT program is intended to facilitate near term infrastructure needs paired with long term exclusive supply relationships for the expendables required by fully licensed growers and dispensaries.
Medical Marijuana, Inc. (OTCPink: MJNA) HempMedsPX(TM) -- a corporate portfolio company of Medical Marijuana Inc. and the exclusive master distributor and contracted marketing company for CannaVest Corp. and Medical Marijuana, Inc. -- is continuing the Company's initiative to increase the public's awareness of their cannabidiol (CBD)-rich industrial hemp oil products at Natural Products Expo West March 7-9, 2014. Expo West hosts an estimated 60,000 attendees and HempMedsPX(TM) will exhibit the world's first line of CBD-rich hemp oil products from booth #1009. To further increase traffic among retailers and wholesalers who are interested in the CBD-rich hemp oil products that HempMedsPX(TM) represents, the Company is co-sponsoring Vitamin Retailer Magazine's "20-20 Scavenger Hunt Contest" in honor of the publication's 20th anniversary. Registered attendees must visit Vitamin Retailer Magazine's exhibit # 1209 at "Expo West" for a list of twenty exhibitors to visit -- including HempMedsPX's booth, #1009 -- in order to qualify for a wide range of prizes. Complete instructions can be found at Vitamin Retailer Magazine's exhibit booth.
InterMune, Inc. (NASDAQ: ITMN) recently announced that top-line data from ASCEND, a Phase 3 trial evaluating pirfenidone in patients with idiopathic pulmonary fibrosis (IPF), demonstrated that pirfenidone significantly reduced IPF disease progression as measured by change in percent predicted forced vital capacity (FVC) from Baseline to Week 52. "We are pleased to report these top-line ASCEND Phase 3 results," said Dan Welch, Chairman, Chief Executive Officer and President of InterMune. "Based on the strength of the ASCEND results, InterMune is preparing a resubmission of our New Drug Application for pirfenidone to the U.S. Food and Drug Administration (FDA), which we expect to submit by early third quarter of this year. We would like to thank our collaborators, patients and their families for their participation in ASCEND and their contributions to IPF research."
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