TORONTO, ON / ACCESSWIRE / March 16, 2015 / Following on its recent announcement of plans to enter the medical marijuana sector with a large development in Owen Sound, Ontario, The Canadian Bioceutical Corporation's (BCC.V) wholly-owned subsidiary BioCannabis Products Ltd., is pleased to announce that it has entered into an agreement with the Tel Aviv-based Cannabliss Ltd.
The terms of the Agreement call for the two companies to cooperate and collaborate in the conception, research, development and production of cannabis-related medicinal products and technologies with the eventual goal of consummating licensing and distribution agreements for the Canadian medical marijuana market.
"Cannabliss is a leader in the development of medical marijuana delivery technologies and is a great fit for our company's plan to focus on non-traditional methods of providing cannabanoid-based medicines to patients," comments Michael Arnkvarn, Canadian Bioceutical's Chief Marketing Officer. "With an ammendment to the regulations expected from Health Canada late this summer which will permit the production and sale of cannabis-infused products, we hope to specialize in the development and production of multiple delivery methodologies including capsules, tinctures, oils, topicals etc. with varying ratios of tetrahydrocannabinol and cannabadiol and many of the 400 other medicinal compounds found in cannabis."
Israel is a global research leader in the use of cannabis to treat a wide variety of chronic conditions and continues to be at the forefront in the research, development and application of medical marijuana products and technologies.
About Cannabliss Ltd.
Cannabliss Ltd.is a leading Israeli company specialized in development, manufacturing and marketing of high-end standardized medical cannabis-based products.The company has been operating under a license from the Israeli Ministry of Health since 2009. Its product portfolio includes standardized oils, creams, suppositories and capsules, both THC and CBD based. The products are manufactured at various degrees of potency in order to meet the specific needs, ages, and medical conditions of the various patients. Many other unique cannabis formulations are currently under development.
Each of Cannabliss' medicinals undergoes rigorous testing and is supplied to authorized patients holding Ministry of Health permits. Prof. Reuven Or is the Head of the Medical Consultancy Department at the company and is also the Director of the Bone Marrow Transplant Department at Hadassah Ein Karem Hospital.
Cannabliss closely cooperates with Jerusalem's Hadassah Ein Karem Hospital, operating as a unique distribution department within the hospital itself. Furthermore, Cannabliss cooperates with leading physicians practicing in several hospitals in Israel.
Clinical studies are being performed by Cannabliss in several hospitals focussed on the use of cannabinoids to aid in the relief of the side effects experienced by cancer patients undergoing chemotherapy as well as for decreasing symptoms associated with dementia.
About The Canadian Bioceutical Corporation
BCC, formerly Allegiance Equity Corporation, is an Ontario corporation that, for over two decades has been developing unique standardized mass-market nutraceutical products for the treatment of common ailments where present pharmaceutical treatments and Over-the-Counter (OTC) products fail to meet the needs of patients. BCC has targeted markets having clearly identified product deficiencies and dissatisfied consumers afflicted with a variety of medical conditions. BCC obtains regulatory approval and patents for these unique compounds and formulations and may produce and distribute or license its products for royalty revenues.
BCC's principal brands are CinG-X(TM) and Relieva(TM) and the company, through its subsidiary BioCannabis Products Ltd., and subsequent to receiving its MMPR license from Health Canada, will be launching a series of cannabis-based branded medicinal products to address this rapidly-evolving market.
Additional details in relation to BCC's plan to enter into the medical marijuana sector may be found in the company's two News Releases of January 7, 2015.
CSA Investor Caution
Investors should be aware that companies cannot legally conduct a medical marijuana business without a license from Health Canada and that there is significant time and cost required to obtain such a license. As a publicly-traded company publicizing its intention to enter the medical marijuana industry, BCC urges potential investors in any company in this sector, to become familiar with the required resources and the related risks, costs implications and time required before a company will be able to begin licensed operations. There is no assurance that any company announcing its intent to enter the medical marijuana industry will be successful in obtaining a license or in creating shareholder value.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Transaction and BCC's objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in BCC's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although BCC believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, BCC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.
For further information please contact:
Scott Boyes, President and CEO
SOURCE: The Canadian Bioceutical Corporation