TEL AVIV, Israel and BETHESDA, Maryland, June 10, 2020 /PRNewswire/ -- Cannabics Pharmaceuticals Inc. (OTCQB: CNBX), a leader in personalized cannabinoid medicine focused on cancer and its side effects, announced today that it has signed a Memorandum Of Understanding with Cannomed Medical Cannabis Industries Ltd. (TASE: CNMD), to develop cannabis cultivars targeted to treat cancers of different types.
The collaboration will allow Cannabics to further expand its portfolio of cannabinoid compositions that will be extracted from Cannomed's 17 unique strains, thus contributing to its compound library matrix. Cannabics will proceed to utilize its High Throughput Screening (HTS) facility in Israel to extract the active ingredients and examine their anti-tumor properties on a variety of human cancer cells of various types.
Cannomed, a publicly traded Israeli company, is a vertically integrated manufacturer and cultivator which holds distribution agreements in regulated markets in Europe. Cannomed cultivates 17 unique cannabis cultivars originating from proprietary genetics developed by the company. These cultivars will be assessed and screened for their anti-tumor potential.
Dr. Eyal Ballan, CTO and Co-Founder of Cannabics Pharmaceuticals said:" Cannomed and Cannabics will collaborate to develop cannabinoid products based on Cannomed's cannabis cultivars. We have seen in the past similar collaborations yielding valuable data in pre-clinical studies held at our facility, and we are looking forward to revealing what anti-tumor potential Cannomed's strains may hold".
Mr. Kfir Gindi, CEO and Co-Founder of Cannomed, said: "We are excited to be able to collaborate with Cannabics Pharmaceuticals to explore the medicinal qualities of our unique genetic proprietary cannabis strains. This will potentially yield the development of cannabis-based products that will eventually be manufactured and distributed in European regulated markets, where Cannomed has distribution agreements".
Cannomed Medical Cannabis Industries Ltd. (TASE: CNMD), is a publicly traded company on the Tel Aviv stock exchange that engages in growing, distributing, and marketing of medical grade cannabis. Cannomed operates along the entire value chain of the medical cannabis industry and holds 17 unique proprietary genetical strains.
The company runs a cannabis growing facility in Israel which is currently being expanded to a total size of 120,000ft2. In addition to its current growing facility, the company is establishing an indoor growing facility planned to reach 165,000ft2 in size, which is built in accordance with international standards, to support EU-GMP regulations.
About Cannabics Pharmaceuticals
Cannabics Pharmaceuticals Inc. (OTCQB: CNBX) is a U.S public company that is developing a platform that leverages novel drug-screening tools to create cannabinoid-based therapies for cancer that are more precise to a patient's profile. By developing tools to assess effectiveness on a personalized basis, Cannabics is helping to move cannabinoids into the future of cancer therapy. The Company's R&D is based in Israel, where it is licensed by the Ministry of Health to conduct scientific and clinical research on cannabinoid formulations and cancer. For more information, please visit www.cannabics.com.
For the latest updates on Cannabics Pharmaceuticals follow the Company on Twitter @Cannabics, Facebook @CannabicsPharmaceuticals, LinkedIn, and on Instagram @Cannabics_Pharmaceuticals.
Certain statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our Company's management and are subject to significant risks and uncertainties. Actual results may differ from those outlined in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission including, without limitation, our latest 10-Q Report filed April 13th, 2020. We undertake no duty to update any forward-looking statement or any information contained in this press release or other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Cannabics Pharmaceuticals Inc., which are condoned by the Company, must emanate from the Company itself and bear our name as its source.
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SOURCE Cannabics Pharmaceuticals Inc.