Medical Marijuana, Inc. Shareholder Update - CanChew BioTechnologies Inc.
SAN DIEGO, July 12, 2012 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), a leading hemp industry innovator, is pleased to update its shareholders on the status of its portfolio company, CanChew BioTechnologies Inc (www.canchewbiotech.com) and related products. Recently the Company acquired a significant 50% ownership interest in CanChew BioTechnologies Inc from the owners and developers, Sannamad Foundation based in the Netherlands. The acquisition provided Medical Marijuana Inc. with the world-wide exclusive rights to develop, manufacture, market and distribute the first and only Cannabinoid (CBD) based chewing gum delivery mechanism.
Initially the CanChew chewing gum product will be marketed as an Over-the-Counter (OTC) product with a variety of health and wellness benefits. CanChew, is expected to have multiple uses, including pain management, decreasing of muscular spasticity in neuro-degenerative patients and in nausea management – a common occurrence in patients undergoing chemotherapy. The pain management market alone generated over $46 billion in worldwide sales in 2007, representing a 12.5% increase in sales over 2006 figures (source: www.globalbusinessinsights.com). While there has not been a true breakthrough in pain management since the 1950's with opiates –many new drugs have done exceedingly well. By example, in the analgesic narcotic market, Pfizer's Celebrex generated $2.3B in sales for 2007 while the Lyrica product provided $1.9B in sales revenue during the same period.
Beginning Q4 2012, the Company will start formal clinical development in Europe focusing on the safety and efficacy in the treatment of pain and nausea with CanChew. Revenues generated from OTC product sales will fund these and additional trials, while immediate consumer feedback will provide valuable data to help speed clinical trial results. This effort will provide the Company with a strategic competitive advantage over traditional pharmaceutical companies product development and sales strategies.
CanChew® is a unique, socially acceptable, patient friendly, taste masked chewing gum which provides a convenient delivery format for release of cannabinoid based health and wellness. The delivery of these hemp extracts via the oral mucosa provides for rapid and near complete absorption directly into the body's systemic circulation. This leads to a rapid onset of effects and significantly increased bioavailability of the cannabinoids in the CanChew gum. Pre-systemic metabolism is thus avoided. This method of delivery offers clearly improved economic opportunities compared to alternative health and wellness delivery routes.
CanChew was developed by a team of internationally renowned medical doctors, dental and oral surgeons in combination with a well-experienced product development team.
Determined by medical and dental experts as potentially the best delivery method for health and wellness benefits from CBD products, a CBD-based chewing gum has been developed. The basic science behind CanChew gum: since the oral mucosa is lined with tiny blood vessels and micro-capillaries in such a manner as to result in direct ingestion of the CBD compounds from the chewing gum directly into the blood stream. This "first-pass" allows the beneficial aspects of the gum to by-pass the liver where CBD products can potentially be converted into less beneficial or less potent cannabinoid compounds or metabolites.
Given this initial significant uptake, the cannabinoids in CanChew are also processed with the saliva during the chewing process. Cannabinoids then enter the digestive tract and are processed in a slower, less aggressive manner. This gives the user a time-release factor which allows for benefits of the CanChew Gum to extend for several hours.
Sales of CBD-based CanChew chewing gum are expected to begin on or around October 1, 2012. The Company is finalizing a multi-level distribution strategy. On-line sales will occur via our own proprietary internet sales portal through HempMeds Rx, a portfolio company of Medical Marijuana Inc., and its licensed affiliates.
Retail sales of CanChew will be managed by portfolio branding company, Red Dice Holdings, in conjunction with the Dixie X line of CBD based products. Dixie X has recently been launched in Colorado with sales exceeding management's expectations. We expect the CanChew product line to be available at select retail locations throughout Colorado, California, Arizona and Washington DC by Q4 2012.
Continued distribution throughout North America and Europe will commence no later than Q1 2013.
PhytoSphere Systems Involvement
PhytoSPHERE Systems will provide the necessary raw Cannabidol ingredients for the CanChew product, insuring the highest quality, highest CBD content ingredients for CanChew's gum. The Advanced Tissue Culture aspect will provide additional quality assurance for the CBD ingredients to be infused into CanChew's revolutionary formulations.
For more about PhytoSPHERE Systems, see our press Release from Thursday June 28th, 2012 via the following link:
RECENT MJNA PRESS RE: CANCHEW BIOTECHNOLOGIES, INC
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.
Medical Marijuana, Inc. does not grow, sell or distribute any substances that violate United States Law or the controlled substance act.
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.
Investor Relations Contact:
Stuart T. Smith
SOURCE Medical Marijuana, Inc.