Medical Marijuana, Inc. Acquires 50% Stake in CanChew from Netherlands-based Sanammad Foundation
Deal Provides Cannabis and Hemp Innovators with Patents and Exclusive Rights to Produce First and Only Chewing Gum Delivery Mechanism for Cannabinoids
DENVER, June 5, 2012 /PRNewswire/ -- Medical Marijuana, Inc. (OTC PK: MJNA), a leading cannabis and hemp industry innovator, has acquired a 50 percent stake in CanChew, a cannabinoid (CBD)-based medicine delivery vehicle in the form of chewing gum. The product was previously owned entirely by Sanammad Foundation, a pharmaceutical development company headquartered in The Netherlands.
The acquisition includes ownership of the patents and intellectual property of the product giving Medical Marijuana, Inc. the worldwide exclusive rights to develop, manufacture, market and distribute both THC and non-THC hemp-derived cannabinoid infused chewing gum to medical marijuana consumers. The Food and Drug Administration (FDA) currently considers non-THC based hemp products to be "food based" and therefore legal without a medical marijuana license. Cannabinoids have had positive effects in clinical trials on neuralgic pain, Multiple Sclerosis and spinal cord injuries, nausea and vomiting from chemotherapy and radiation treatment as well as palliative treatment of various cancers and HIV/AIDS. Based on its therapeutic potential and federally legal status, Dixie and Medical Marijuana, Inc., estimate the medical cannabinoid market in the US to be well over $30 billion. The Company intends to begin production of the CBD-based gum, and in states where legally allowed a THC-infused product, within the next 90 days. Information regarding availability of the product will be posted to the Company's website at http://www.medicalmarijuanainc.com.
"Functional chewing gum is well established as an effective way to deliver pharmaceutical active ingredients," said Michael Llamas, President of Medical Marijuana, Inc.. "A great example is Nicorette. Within 10 minutes of chewing Nicorette gum, the consumer's symptoms of nicotine withdrawal begin to ease. We believe that our unique and now patented delivery vehicle for cannabinoid-based products will offer an innovative and effective medicinal solution for pain management that far surpasses other pharma-grade products available on the market today. Our formulations also have an exceedingly safer side-effect profile compared to the currently available analgesics such as opioids, NSAID's and Paracetamol (Tylenol)."
CanChew, which was developed by the Sanammad Foundation through the efforts of Dr. George Anastassov, Dr. Philip A. Van Damme and Lekhram Changoer, provides relief to patients and the symptoms that accompany severe diseases and injuries by helping to:
- Alleviate acute and chronic pain
- Diminish nausea and vomiting as well as cachexia, which is a syndrome common in cancer patients on chemotherapy that causes loss of appetite and loss of weight and muscle-mass.
- Enhance appetite
- Improve muscle relaxation, coordination and mobility
- Diminish xerostomia
- Promote fresh breath and maintain oral hygiene
"Cannabinoids are a highly effctive alternative treatment to relieve pain and symptoms of many diseases but these results are maximized when delivered in the form of chewing gum," Llamas said. "Not only is CanChew a more socially acceptable option for the patient but it also has a faster onset and higher absorption in comparison to other conventional formulations."
Chronic pain management costs about $100 billion in treatment and lost productivity annually, and it is reported that 70 percent of all cancer patients experience severe and chronic pain, according to the Pain Foundation.
"We strongly believe that this product will make an incredible impact on how pain is treated," Llamas said. "It's exciting to be able to offer something that can provide a better quality of life for those suffering without the side effects common to the currently available compounds."
About Medical Marijuana, Inc.
Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value. For more information, please visit the company's website at: www.MedicalMarijuanaInc.com
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the Food and Drug Administration (FDA). These products and statements are not intended to diagnose, treat, cure, or prevent any disease.
Investor Relations Contact:
Stuart T. Smith
SOURCE Medical Marijuana, Inc.
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