LONDON, August 21, 2018 /PRNewswire/ --
The Directors of Ananda Developments Plc are pleased to announce that investee company iCAN has signed an MoU with a new Israeli Medical Cannabis company Yom Chai to develop and clinically validate cannabis based treatments for Crohn's Disease, Autism and other neurodevelopmental, neurodegenerative and gastrointestinal diseases.
Yom Chai has deep experience in the international medical cannabis market opening and running dispensaries and production facilities as well as providing consulting services to a wide range of cannabis businesses.
Yom Chai, in collaboration with leading American and Israeli scientists and medical professionals is initially developing a formulated suppository targeting people suffering from Crohn's Disease and will develop various targeted cannabis formulations including treatment for children and adults with Autism.
iCAN will be supporting Yom Chai by combining its unique access to innovation and technology with unmatched industry insights and international connections. The signing of this MoU provides iCAN with a combination of revenue, equity and future royalties.
Saul Kaye, CEO of iCAN: Israel-Cannabis said, "Israel boasts the leading clinical researchers in Crohn's Disease and Autism, so it will be possible to leverage the local medical cannabis ecosystem to bring Yom Chai's products to patients as quickly as possible."
Melissa Sturgess, Executive Director of Ananda said, "This is very good news for shareholders of Ananda. At a time when medical cannabis laws are changing quickly in the UK, we want to maintain our exposure to developments that may well have legal application in the UK in the future. Via our investment in iCAN we will stay close to Yom Chai and its developments and capital requirements going forward."
About Ananda Developments PLC
Ananda Developments has been established as a company to invest in the developing market for medical or therapeutic Cannabis derivatives, or related products, including but not limited to nutraceuticals, dietary supplements and cosmetic products which contain Cannabis or hemp derived cannabinoids. The Directors believe that this market is growing due to an increasing number of states in the USA, as well as other countries around the world, changing their laws to allow for products containing constituents of Medical Cannabis to be developed, approved and sold.
Ananda's investment strategy is to invest in companies, projects or products that are either progressing medical or therapeutic Cannabis research and development, or are developing or have already developed, products that contain Cannabis derived cannabinoids and require funding to progress work plans or commercialise products.
For further information, please contact:
Ananda Developments plc
Peterhouse Capital Limited
SOURCE Ananda Developments Plc