SAN DIEGO, April 12, 2012 /PRNewswire/ -- CannaBANK Inc. is proud to announce it has acquired from PharmaSphere, LLC the rights to purchase the exclusive worldwide license for the use of TerraSphere Systems patented technology for any cannabis, hemp or cannabinoid based plant or product. CannaBANK has created PhytoSPHERE Systems, LLC which will be the license holder and a wholly-owned subsidiary of CannaBANK. The terms of the agreement are as follows:
CannaBANK has paid for an agreement to purchase the right to license PharmaSphere's patented technology. Under the terms of the agreement, CannaBANK must pay an additional sum of $250,000 to purchase the license within 6 months and an operational facility must be in place by the end of the following calendar year. When the first facility is operational under these terms CannaBANK will have the exclusive worldwide rights for an unlimited number of additional facilities under very favorable terms.
"PharmaSphere is pleased to be moving forward on this long anticipated transaction. Our Patented Technology is an incredible leap forward in control, efficiency, report-ability and consistency for this multi-Billion dollar growth industry," said a spokesman for PharmaSphere.
"We are very pleased to have finalized this transaction. Now we can focus on developing facilities that will utilize the panted technology. This will truly make us the World's only pharmaceutical grade provider of organic cannabinoid based compounds," stated a CannaBANK representative.
ABOUT PHARMASPHERE, LLC
PharmaSphere, LLC is a biotechnology company that utilizes the TerraSphere technology to produce high-value, plant-based biocompounds for pharmaceutical and nutraceutical markets. Using the TerraSphere System allows PharmaSphere to achieve full environmental containment and controlled growth conditions, which result in increased production and reduced per-unit costs compared to traditional production methods.
ABOUT CANNABANK INC.
CannaBANK Inc. is a private equity firm specializing in the capitalization and development of hemp-based businesses.
ABOUT MEDICAL MARIJUANA INC. (OTC: MJNA)
Our mission is to be the world's premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate, invest in and purchase value-added sustainable companies, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, pay homage to the visionaries and activists of the past and present, and provide the platform from which the industry can emerge into a global sustainable economy for all. Medical Marijuana Inc. recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
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), products and statements are not intended to diagnose, treat, cure, or prevent any disease.
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SOURCE CannaBANK Inc.