Health & Wellness Industry Gets Excited by Recent Federal Medical Marijuana Legalization Efforts - Company Initiates Cannabis Drug Development Plan
CORAL SPRINGS, Florida, August 1, 2014 /PRNewswire/ --
Pharmaceutical, Wellness and Cannabis companies stand out in health sector with continual growth and significant acquisitions of resources: Crown Baus Capital Corp. (OTC: CBCA), Cannabis Sativa, Inc. (OTC: CBDS), GW Pharmaceuticals plc (NASDAQ: GWPH), Avalanche Biotechnologies Inc. (NASDAQ: AAVL) and Healthequity Inc. (NASDAQ: HQY)
Crown Baus Capital Corp. (OTC: CBCA), a global acquisition-based conglomerate targeting five primary industries: high-tech incubation, drug development, entertainment/media, education, and financial services, sees this week's Congressional efforts to amend the Controlled Substances Act to permit medical use of cannabis on a nationwide basis as history in the making. This federal medical cannabis legalization effort in Congress motivates Crown Baus Capital to complete its negotiations to formally begin its Cannabis Drug Development Program using state-by-state legal resources and distribution.
The Company has already initiated drug development activity by negotiating to purchase property in several legal medical cannabis states across the country. This, coupled with the expertise of the Company's drug development partners, Crown Baus Capital expects to be able to fast track cannabis drug development to make these critical cannabis formulations available for those in need on a nationwide basis.
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A group of bipartisan U.S. Representatives -- Scott Perry (R-Pennsylvania), Dana Rohrabacher (R-California), Steve Cohen (D-Tennessee), and Paul Broun, MD (R-Georgia) -- introduced a bill, H.R. 5226, to redefine "marijuana" on a federal legislative level to allow therapeutic, high-CBD cannabis oil to be used to treat seizure disorders. This is a major federal step towards the legalization of medical cannabis, which follows the approval of medical cannabis in nearly half of the states, with many more states actively pursuing legalization for medical and drug development purposes. "Our Drug Development Division's medical cannabis initiatives are strengthened by this week's progress in the U.S. House and Senate. These federal developments, in light of the rapid progress on the state level and overwhelming support for medical cannabis among the U.S. voting populace, provide critical forward momentum as the Company positions itself as a leader in the medical cannabis industry," said Chad S. Johnson, Director, President and CEO of CBCA.
Cannabis Sativa, Inc. (OTCQB: CBDS) recently announced it consummated the acquisition of Kush, a Nevada corporation ("Kush"), and its consolidated subsidiary, following which Kush became a wholly owned subsidiary of the Company (the "Merger"). In connection with the Merger, the Company named Gary Johnson, the former two-term Governor of New Mexico and the Libertarian party's 2012 nominee for President, as its President and CEO, and Steve Kubby, the founder of Kush, the 1998 Libertarian Party of California candidate for Governor of California and an author on drug policy reform, as its Chairman. Messrs. Johnson and Kubby were also appointed as directors of the Company and each of them entered into employment agreements with the Company. "The successful completion of the merger represents a major milestone for Cannabis Sativa, Inc." said Gary Johnson, President and CEO. "With the legalization of marijuana in Colorado and Washington, we are already seeing that the demand is significant. We believe the opportunity is here to deliver products that could change the world for the better," continued Johnson.
GW Pharmaceuticals plc (NASDAQ: GWPH), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, will announce on 6 August, 2014 its third quarter financial results for the period ending 30 June, 2014. GW will also host a conference call the same day at 1:00 p.m. BST (8:00 a.m. EDT). Conference call information will be provided in the financial results press release. A replay of the call will also be available through the Company's website (www.gwpharm.com) shortly after the call.
Avalanche Biotechnologies Inc. (NASDAQ: AAVL), a clinical-stage biotechnology company focused on discovering and developing novel gene therapies to transform the lives of patients with sight-threatening ophthalmic diseases, recently announced the pricing of its initial public offering of 6,000,000 shares of its common stock at a public offering price of $17.00 per share, before underwriting discounts, commissions and estimated expenses. All of the shares of common stock are being offered by Avalanche. The Company's common stock has been approved for listing on the NASDAQ Global Market and is expected to begin trading today under the ticker symbol "AAVL". In addition, Avalanche has granted the underwriters a 30-day option to purchase up to 900,000 additional shares of common stock at the offering price. The offering is expected to close on August 5, 2014, subject to customary closing conditions.
Healthequity Inc. (NASDAQ: HQY) was recently welcomed to the NASDAQ Stock Market. Founded in 2002, HealthEquity is a leader and an innovator in the high growth category of technology-enabled services platforms that empower consumers to make healthcare saving and spending decisions. The Company's innovative technology platform and tax-advantaged accounts help members build health savings, while controlling health care costs. HealthEquity works with 57 health plan partners and services more than 1.3 million healthcare accounts for employees at 25,000+ companies across the United States. "HealthEquity is dedicated to empowering Americans to build health savings through its tools and services," said Nelson Griggs, Senior Vice President, Corporate Client Group, NASDAQ OMX. "We congratulate HealthEquity on its successful initial public offering and we are pleased to welcome the company to the NASDAQ family."
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