Medical Marijuana, Inc. Portfolio Company Kannalife Sciences Finalizes Share Exchange Agreement with TYG Solutions
Aug 01, 2018, 09:00 ET
SAN DIEGO, Aug. 1, 2018 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, announced today that its portfolio company Kannalife Sciences, Inc. ("Kannalife"), a bio-pharmaceutical and phyto-medical company, has completed a share exchange offer with TYG Solutions Corp. (OTC: TYYG). The closing of this transaction marks an important step in making Kannalife the only publicly traded company in the cannabinoid therapeutics space with an exclusive license to a U.S. government patent from the National Institutes of Health ("NIH").
"We are thrilled to announce the completion of this share exchange agreement," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "Our company was an early investor in Kannalife, which has developed and patented specific cannabinoid-like molecules to create a targeted approach to treat medical conditions. We believe that Kannalife's powerful portfolio of IP sets the company apart in an increasingly competitive cannabinoid pharmaceutical market arena."
Kannalife Sciences currently holds two licenses with NIH. The first, an exclusive license for the commercialization of U.S. Patent #6,630,507, "Cannabinoids as Antioxidants and Neuroprotectants" (the "'507 Patent"), to research and develop novel cannabinoid-based therapeutics to treat hepatic encephalopathy (HE); and the second, a non-exclusive license under the same '507 Patent to treat chronic traumatic encephalopathy (CTE).
"The completion of our share exchange transaction with TYYG has brought us to another starting point in the company's history – now as a publicly traded company. We now find ourselves in the middle of a very exciting, resurgent and hot biotechnology space, coupled with burgeoning investor interest in 'anything cannabis,'" Kannalife Sciences CEO Dean Petkanas said. "The transaction with TYYG allows us to look toward the future as a publicly traded company and continue our research into developing disruptive cannabinoid-based therapeutics for neurodegenerative and oxidative stress-related diseases."
Further, Kannalife has developed its own patented molecules led by KLS-13019 and was recently awarded U.S. Patent #9,611,213, "Functionalized 1,3-benzene diols and their method of use for the treatment of hepatic encephalopathy." These cannabidiol-derived new chemical entities (NCEs) are intended to advance some of the clinical benefits of CBD while improving upon some of the pharmacokinetic limitations of CBD. According to a February 10, 2016 publication in the American Chemical Society KLS-13019 was found to be 50-fold more potent as a neuroprotectant and >400-fold safer than cannabidiol (CBD).
About Medical Marijuana, Inc.
We are a company of firsts®. Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value. For details on Medical Marijuana, Inc.'s portfolio and investment companies, visit www.medicalmarijuanainc.com.
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Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.'s shop.
About Kannalife Sciences, Inc. – A Phyto-Medical Company™
Kannalife Sciences, Inc. is a phyto-medical company involved in the research and development of novel therapeutic agents designed to be neuroprotectants and immuno-modulators. Kannalife is currently conducting research and development at the Pennsylvania Biotechnology Center in Doylestown, PA, for target drug candidates to treat Hepatic Encephalopathy ("HE") and Chronic Traumatic Encephalopathy ("CTE"). HE and CTE are oxidative stress-related diseases that affect cognitive and behavioral functions. For more information, visit www.kannalife.com.
FORWARD-LOOKING DISCLAIMER
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 FDA and are not intended to diagnose, treat or cure any disease.
LEGAL DISCLOSURE
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell, and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
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SOURCE Medical Marijuana, Inc.