Solanbridge Group Inc. Finalizing Acquisition of Colorado Medical Marijuana Product Producer
HOUSTON, May 5, 2014 /PRNewswire/ -- Solanbridge Group Inc. (OTC: SLNX) is in the final negotiations to acquire a Colorado health product producer whose products are derived from naturally occurring cannabinoids and, in particular, cannabidiol (CBD). CBD is related to tetrahydrocannabinol (the psychoactive constituent of the cannabis plant). CBD possesses no psychoactive properties and therefore is a ready for market marijuana based ingredient. The negotiations for the acquisition are in their final stages and we should have an announcement in the next week or two.
Dr. Mark T. Cullen, chair of the Scientific Advisory Board of SLNX stated, "We are looking forward to working with our new acquisition candidate to develop medical marijuana products for rheumatoid arthritis and Alzheimer's. There is great work currently being done in the treatment of brain damage, severe social anxiety, cancer, and psychological disorders and we are excited to be a part of that work."
Charles R. Shirley, Chairman of the Board and Managing Director of SLNX stated, "Dr. Cullen's amazing career as a medical doctor, a chemist, a researcher, and as an entrepreneur will add tremendous value to what the group in Colorado has already started." Colorado, of course, has already approved medical marijuana and recreational marijuana use. Shirley added, "With this acquisition, which is a just few days away from completion, SLNX will be able to begin work on CBD-infused products immediately without having an indeterminate wait for licenses or other regulatory issues."
Dr. Cullen's resume fits nicely with the development of medical marijuana products. He is a Yale University-trained doctor and medical director, who had academic appointments at Yale University and University of Florida. Dr. Cullen has done collaborative work with the World Health Organization (WHO), the Center for Disease Control (CDC) and the National Institute of Health (NIH). He has been published in numerous periodicals and has contributed to an educational movie series by National Geographic. He is an entrepreneur who has developed start-up companies and has also worked as the CEO of multiple companies both public and private. He is an inventor who has created ultrasound desulfurization and heavy oil upgrade technology.
The Company continues to pursue a commercial grower's license in Province of Nova Scotia. Plans have been developed to hire a full-time staff member to administer the application process, acquire a building, equip the building with a state-of-the-art security system, and build out all aspects of a commercial medical marijuana grower's production facility. The MOU signed by the Company on March 29, 2014 still plans to close on time.
Malfait, A.M., et al., The nonpsychoactive cannabis constituent cannabidiol is an oral anti-arthritic therapeutic in murine collagen-induced arthritis. Proc Natl Acad Sci U S A, 2000. 97(17): p. 9561-6.
About Solanbridge Group Inc.
Solanbridge Group Inc. is based in Spring, Texas and is a diversified holding company looking to expand into the medical marijuana industry by developing a commercial grower's license in the Province of Nova Scotia, Canada and developing CBD-infused products in Nevada, California, and Colorado. Solanbridge's subsidiary, David's Steak and Seafood, in Melbourne Beach, Florida, is a classic, upscale steak house, which presents polished dining in an atmosphere of timeless elegance, offering guests the finest cuts of choice USDA meats, fresh seafood and much more.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
SOURCE Solanbridge Group Inc.