PETACH TIKVA, Israel, April 12, 2016 /PRNewswire/ --
OWC Pharmaceutical Research Corp. (OTCQB: OWCP), ("OWC" or the "Company"), an Israeli-based developer of cannabinoid-based therapies targeting a variety of different indications, today commented on the proposed change to Israel's medical cannabis regulations. The second country to approve marijuana for medical use (in 2003), Israel is also a leader in cannabis research, making it a popular location for companies like OWC. Dr. Yehuda Baruch, OWC's Director of Research and Regulation, was the first director of the Israeli MMJ program from 2003 - 2013.
The proposed changes to the existing Cannabis for Therapeutic Purposes (CTP) structure would provide easier access for patients and physicians, however, it does give the government a more intrusive role. The regulations are expected to be voted on by May of this year.
According to OWC, among the proposed changes, the primary results would be:
- Every grower that can comply with the needed regulation for growing of cannabis will be allowed to grow, however all cannabis harvested would be sold only to the governmental cannabis agency or its delegates.
- The agency will then mix all the harvest in to 9 blends: sativa, indica and a mixed sativa/indica each strain having three strengths: high THC/ low CBD content, medium CBD and THC, and high CBD / low THC. The agency would then produce cannabis oil for end users and further processing by certified companies.
- Only the agency or its agents will be able to deliver cannabis products to selected pharmacies, where licensed patients will then be able buy their cannabis as prescribed by their physician.
Dr. Yehuda Baruch, OWC's Director of Research and Regulations, commented on the proposed program changes, "The plan revisions are intended to make cannabis more like other pharmaceuticals, standardize the product to facilitate prescribing by licensed medical practitioners, and move access to pharmacies as opposed to dispensaries. This is very much in keeping with the objectives of OWC; to produce cannabis-based treatments for a variety of diseases with a proven efficacy, safety tests, as well as new delivery mechanisms that will allow for standardized dosage and effective ingestion.
Dr. Baruch went on to say, "While there are a number of industry concerns regarding the proposed changes, the primary objectives are, that patients will need to use oil based products from blends and not from a specific strain. However, we are certain that the changes will provide physicians more comfort with regard to writing prescriptions for clinically tested and quality-controlled MMJ products with specific doses of certain cannabinoids and terpenes and thus overcoming the barrier of having patients use cannabis oils which cannabinoids and terpenes content differ on extraction quality among other reasons, not only between harvests but also between the place of the flower on the plant itself"
OWC's consultancy division offers regulatory consultancy services for governments and business organizations whom are seeking to obtain a MMJ license. In October 2015, the company signed its first client, MedMar, LLC. a US-based company with business operations in three states. OWC is working with MedMar to help it establish its own medical cannabis treatment program cross these states starting with Maryland
About OWC Pharmaceutical Research Corp.
OWC Pharmaceutical Research Corp., through its wholly-owned Israeli subsidiary, One Word Cannabis Ltd., (collectively "OWC" or the "Company") conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. OWC is also developing unique delivery systems for the effective delivery and dosage of medical cannabis. All OWC research is conducted at leading Israeli hospitals and scientific institutions, and led by internationally renowned investigators. The Company's Research Division is focused on pursuing clinical trials evaluating the effectiveness of cannabinoids in the treatment of various medical conditions, while its Consulting Division is dedicated to helping governments and companies navigate complex international cannabis regulatory frameworks. The Company is a wholly owned subsidiary of OWC Pharmaceutical Research Corp. (OTCQB: OWCP). For more information, visit: http://www.owcpharma.com/
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, filing patent applications, product development, and business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in OWC Pharmaceutical Research Corp. (OTCQB: OWCP) periodic reports filed from time-to-time with the Securities and Exchange Commission.
Ziv Turner, Chief Executive Officer - One World Cannabis Ltd.
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SOURCE OWC Pharmaceutical Research Corp.