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CANAQUEST MEDICAL CORP announces Award of a Cannabis Purchase/Sales Licence as permitted under the Health Canada Cannabis Act, through its wholly owned subsidiary, ADC BioMedical Corp.

  • Licence is a foundation for the company to begin domestic and international sales of our Proprietary Cannabis and Botanical formulated products.
  • Under the proposed Health Canada Amendment for Cannabis Edibles Regulations, our products will be included and licenced for sale as of December 17th, 2019.
  • THC and CBD Research & Development at prestigious universities is the primary factor for the development of the Company’s Products. 

TORONTO, Sept. 11, 2019 (GLOBE NEWSWIRE) -- CANAQUEST MEDICAL CORP (OTC Markets: “CANQF”) (the "Company" or “CanaQuest”), a company developing proprietary health products and nutraceuticals utilizing cannabinoid and botanical oil extracts, through its wholly-owned subsidiary, ADC BioMedical Corp., has obtained a cannabis purchase/sales licence, with a provision to apply for import/export permits for cannabis as permitted under the Health Canada Cannabis Act.

“As a licence holder under the Cannabis Regulations, our company can now target the introduction of our first proprietary Cannabis THC and Botanical formulation, Mentabinol™ after December 17th., 2019.” Paul Ramsay, Co-Founder and President of CanaQuest stated. “The research and pre-clinical trials have positioned us to introduce our novel THC formulation to provide a better alternative for recreational and medicinal consumers today. Our goal is to make all consumers of THC products (recreational or medical), who are concerned about the short term and long term negative psychotic effects of THC, aware that our products exist. There is 13 years of research that has led to this amazing discovery.” Ramsay further stated.

The company’s competitive advantage comes from Intellectual Property developed under its sponsored research contract with Western University. Through this partnership with Dr. Laviolette, a scientific veteran with over 13 years of research in the field of mental health and cannabis, plus a dedicated scientific team of 12 scientists and Western University, CanaQuest has a definitive competitive advantage in developing Research and Science based formulations for better THC and CBD experiences. The completed pre-clinical trials at the Western University lab has demonstrated exciting results and has put the Company in a position to introduce CanaQuest’s novel THC formulation at the inception of the Edible and Extract marketplace. Additionally, the scientific data and the beneficial results of our proprietary CBD-based formulation is in the final stage and we anticipate introduction of this new formulation into the marketplace in the very near future.

http://www.schulich.uwo.ca/anatomy/people/bios/faculty/laviolette_steve.html

The use of marijuana is known to cause neuronal, molecular and neuropsychiatric side effects. This complicates the use of marijuana for medical treatment. Δ-9-tetrahydrocannabinol (THC) is the primary psychoactive compound in marijuana (MJ). As demonstrated in both clinical and pre-clinical research, at Western University in London, Ontario, Canada. THC is associated with a wide range of deleterious neuropsychiatric side-effects in both adolescent and adult users of MJ. Chronic or acute THC exposure has been shown to increase anxiety, increase depressive symptoms, increase vulnerability to schizophrenia-related symptoms and to produce profound cognitive side effects such as deficits in cognitive filtering and memory impairments. Given the increasing use of ‘medical’ marijuana for the treatment of a wide variety of ailments, there is an urgent need for safer THC formulation that lacks the neurocognitive and neuropsychiatric side-effects associated with MJ usage.

Based on studies, research and anecdotal data, CanaQuest recognizes that cannabis is very effective for mental and physical ailments. By introducing our proprietary THC formulation with all the benefits of THC, while blocking the short term and long term negative side effects. The Company believes every physician would select our alternative THC product (without any negative side-effects) for their patients, especially when there is a marginal price difference between ordinary THC and our THC formulated alternative.

About CanaQuest Medical Corp

CanaQuest Medical Corp is engaged in the development of unique health products and nutraceuticals that utilize hemp, cannabis and algae oils. The Company has engaged two Canadian universities to provide research into the use of botanical extracts and cannabis formulations, which the company plans to use to develop products that combine the significant health benefits of botanical extracts and extracts from cannabis oil. Our research is focused on the use of cannabis in the context of cancer and the use of cannabis derivatives for the development of our novel pharmacotherapies for mental health, such as anxiety, depression, addiction, schizophrenia, and Post Traumatic Stress Disorder “PTSD”.

For more information, visit our website at http://https://canaquest.com/

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, use of proceeds and the development, costs and results of current or future actions and opportunities in the sector. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, our ability to raise the additional funding we will need to continue to pursue our exploration and development program, and our ability to retain important members of our management team and attract other qualified personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.

Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

COMPANY CONTACT:
Paul Ramsay, Co-Founder & President, CanaQuest Medical Corp
paul@canaquest.com
416-704-3040