Marijuana Index Fights Through Recent Pressure - Company Looks To Reduce Outstanding Shares To Fund Expansion
CORAL SPRINGS, Florida, April 16, 2014 /PRNewswire/ --
Cannabis companies remain productive despite industry's recent market reaction: Zoned Properties, Inc. (OTC: ZDPY), GW Pharmaceuticals plc (NASDAQ: GWPH), Medbox, Inc. (OTC: MDBX), Cannabis-Rx Inc. (OTC: CANA) and Vape Holdings, Inc. (OTC: VAPE)
Zoned Properties, Inc. (OTC Pink: ZDPY) http://www.zonedproperties.com, a lessor of land, facilities and equipment to the medical marijuana industry has announced it has reached a decision with two large shareholders of the company, including the former CEO, to retire a total of 4,576,283 shares of common shares, which represent 15.8 % of the total outstanding shares of the company. These shares will return to the company treasury. As a result, the company will have a total of 24,374,009 shares issued and outstanding.
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Zoned Properties, Inc. interim CEO, Bryan McLaren stated, "After speaking with our board members and advisors to the company, the shareholders agreed this was a prudent step in helping the company accomplish its goals and benefit all of our shareholders. The return of these shares into the company treasury gives our organization the opportunity to fund expansion with favorable terms and minimize dilution to our shareholders. We are inspired that our shareholders believe in the direction of the company and applaud their efforts to help the company position itself for future growth and success while maintaining shareholder value."
GW Pharmaceuticals plc (NASDAQ: GWPH) recently announced it has completed a Phase 1 clinical trial of GWP42006 to treat epilepsy. GWP42006 is a product which features the non-psychoactive cannabinoid cannabidivarin (CBDV) extracted from the cannabis plant. This Phase 1 single ascending and multiple dose pharmacokinetic and safety study in 66 healthy subjects demonstrated no safety or toxicity signals. In this study, subjects were dose titrated to investigate the maximum tolerated dose and to determine what, if any, side effects resulted. CBDV was well tolerated even at the highest tested dose and no significant side effects were observed. There were no serious or severe adverse events, nor any withdrawals due to adverse events, and all mild adverse events resolved on treatment. CBDV has shown the ability to treat seizures in pre-clinical models of epilepsy with significantly fewer side effects than currently approved anti-epileptic drugs. CBDV also appears to employ a different mechanism of action to currently available anti-epileptic treatments. GW expects to commence a Phase 2 study of CBDV in patients with epilepsy later in 2014, using the doses identified as appropriate in this Phase 1 study.
Medbox, Inc. (OTCQB: MDBX), a leader in providing ancillary services to the alternative medicine industry, dispensary consulting services, and patented medicine dispensing systems to medical and retail industries, sought to clarify how its technology is currently used in medical and retail marijuana states, after a series of media reports hyping the prospect of a competitor unveiling a "pot vending machine" in Colorado. Some of these reports, featured a company whose product Medbox believes may violate the company's federal patent (7,844,363 B1). The reports raised the prospect of customer-accessed marijuana machines being used in Colorado. "Although our patent covers direct patient access to our medication dispensing systems, we do not offer this configuration to any of our clients," said Medbox Founder and Senior Strategist, Vincent Mehdizadeh.
Cannabis-Rx Inc. (OTCQB: CANA), a company focused on funding the growth of the cannabis industry in states where it is licensed or permitted for medicinal and/or recreational purposes, recently announced the appointment of Munjit S. Johal as Treasurer and Chief Financial Officer. Mr. Johal will play an integral role in advancing the Company's long-term growth strategy and overseeing its capital structure and regulatory requirements. "With more than 30 years of experience in banking, accounting, finance and management in the private and public sector, Munjit brings a wealth of knowledge that will benefit our organization and support its growth," said Llorn Kylo, chief executive officer of Cannabis-Rx. "We are excited to add a finance executive of Munjit's caliber to our team and will leverage his diverse background in underwriting, asset management and disposition to effectively build our real estate portfolio."
Vape Holdings, Inc. (OTCQB: VAPE), a holding company functioning within the legal cannabis industry, is recently announced that industry veteran Joe Andreae has accepted the position of President of Vape Holdings, Inc. and will join the Company's Board of Directors, effective immediately. Andreae has significant experience in the legal cannabis industry, having been involved in Alternative Medicine for most of his life, participating in cooperatives and collectives, and also as a national sales manager for an OEM LED horticultural light manufacturer where he was integral in the rapid growth of that business. Andreae maintains strong and current relationships in the industry in which Vape is situated due to these past successes.
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