As a Public Institution of Higher Education, the LSU AgCenter's public/private partnership with GB Sciences represents a first in the therapeutic cannabis industry
LAS VEGAS, Dec. 7, 2018 /PRNewswire/ -- GB Sciences, Inc. (OTCQB: GBLX) announces on November 19, 2018, the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College, on behalf of the Louisiana State University Agricultural Center, entered into a Master Research and Development Agreement with GB Sciences Louisiana, LLC. The Master Research and Development Agreement comes from the parties' desire to participate in joint research and development projects arising out of the production of therapeutic cannabis in Louisiana. As a public institution of higher education, the LSU AgCenter's public-private partnership with GB Sciences Louisiana represents a first in the therapeutic cannabis industry.
Through a competitive public bid process, the LSU AgCenter selected GB Sciences Louisiana, a subsidiary of GB Sciences, Inc., as its public-private partner to cultivate and produce therapeutic cannabis products for patients with specific medical conditions in Louisiana. GB Sciences, Inc., is a cannabis company focused on biopharmaceutical development, and has filed patent applications for use of cannabis therapies with neurodegenerative disease, chronic pain and heart therapies, as well as arthritis, Crohn's disease, inflammatory bowel disease and asthma.
The LSU AgCenter is one of two licensees in Louisiana approved to operate a Therapeutic Cannabis Program. In addition to the cultivation, extraction, processing, production and sale of therapeutic cannabis in Louisiana, the law allows the LSU AgCenter and GB Sciences Louisiana to conduct biopharmaceutical research and development of cannabinoids. The Master Research and Development Agreement grants each party rights to background intellectual property during the joint research and development projects to permit them to fully conduct their research and development activities. Further, the parties will allocate ownership and license rights to the technology developed by, or acquired by either of them, for the joint research and development projects and to allow such technology to be commercialized and further developed during the joint development projects. GB Sciences Louisiana was assisted in the execution and completion of the Master Research and Development Agreement by Fenwick & West, LLP, a national technology and life sciences law firm.
The LSU AgCenter and GB Sciences Louisiana have had preliminary discussions with Pennington Biomedical Research Center, the Health Science Centers in New Orleans and Shreveport, LA and several prominent medical complexes on opportunities for research collaboration, clinical trials and general patient care.
The Master Research and Development Agreement arises out of the Agreement for Services entered into by the parties on September 14, 2017. The Agreement for Services governs the collaboration of the parties related to Therapeutic Cannabis Program and production of therapeutic cannabis in Louisiana. The Master Research and Development Agreement tracks the term of the Agreement for Services, which is a five-year agreement with two five-year options.
Qualifying Medical Conditions in Louisiana: Cancer; Positive status for Human Immunodeficiency Virus (HIV); Acquired Immune Deficiency Syndrome (AIDS); Cachexia or wasting syndrome; Seizure disorders; Epilepsy; Spasticity; Crohn's disease; Muscular dystrophy; Multiple sclerosis; Glaucoma; Parkinson's disease; Severe muscle spasms; Intractable pain; Post-traumatic stress disorder (PTSD); and Autism spectrum disorder.
About GB Sciences, Inc.
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. The Company's goal is creating safe, standardized, pharmaceutical-grade, cannabinoid therapies that target a variety of medical conditions. To learn more about GB Sciences, Inc., go to: http://gbsciences.com.
This press release may contain statements relating to future results or events, which are forward-looking statements. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import may identify forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further, information concerning the Company and its business, including factors that potentially could materially affect the Company's business and financial and other results, are contained in the Company's filings with the Securities and Exchange Commission, available at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Note: Although the Company's research and development activities are not illegal, the production and sale of cannabis products violate federal laws as they presently exist.
GB Sciences, Inc., 3550 West Teco Ave., Las Vegas, NV 89118
Tom Arcuragi, EVP, [email protected]
SOURCE GB Sciences, Inc.