TEL AVIV, Israel and BETHESDA, Maryland, Jan. 24, 2019 /PRNewswire/ -- Cannabics Pharmaceuticals Inc. (CNBX), a leader in personalized cannabinoid medicine focused on cancer and its side effects announced, that NewCanna Hub, a world leader in the field of cannabinoids, have signed a non-binding letter of intent ("LOI") today at The World Economic Forum, in Davos, Switzerland, to establish an equal joint venture that is intended to produce and market Cannabics' Slow Release ("SR") capsules in Colombia and, potentially, other regulated markets. Pursuant to the terms of the LOI, the parties intend to develop a joint business plan for the joint venture within the next 30 days and execute a definitive joint venture agreement as soon as reasonably practicable.
As part of the new proposed joint venture, the SR capsules are expected to be produced at NewCanna's Good Manufacturing Practice (GMP) certified facility in Columbia in various formulations. The joint venture intends to seek international distribution agreements in relevant regulated territories.
Cannabics' SR Capsule technology, delivered orally, enables the slow release of active cannabinoid compounds into a patient's body. The capsules were vetted as a part of a successful clinical trial undertaken at Rambam Hospital in Israel.
Eyal Barad, CEO of Cannabics Pharmaceuticals, said: "We are pleased to embark on this potential relationship as we believe it can complement our efforts to bring medical cannabis products to market. We believe that the intrinsic therapeutic potential of cannabinoids for medical application is boundless. We are excited at the potential opportunity to expand and distribute our products through NewCanna's global distribution network."
Santiago Londono, CEO of NewCanna, said: "Our decision to enter into this potential partnership with Cannabics Pharmaceuticals is, in our view, pivotal for SR technology in a shared long term vision of providing patients with what we believe to be the safest, most accurate, consistent and effective medicinal cannabis delivery system. Cannabics pharmaceuticals SR technology has been clinically proven to be effective in ameliorating the quality of life in cancer patients. We look forward to exploring further discussions on other intellectual property currently available and being developed by Cannabics Pharmaceuticals."
NewCanna Hub, a privately held company headquartered in Bogota, Colombia, is a vertically integrated global cannabis company including genetic registration, large scale cultivation, research and development, manufacturing and distribution.
NewCanna Hub is a think tank devoted to the research, education and sustainability of the cannabis industry in Colombia. NewCanna Hub is comprised of renowned research organizations and providers who have come together to create high quality, locally sourced products. NewCanna Hub is focused on sustainable product regulations, ethical practices, and cannabis goods and services that emphasize the logistical, scientific, and social needs of cannabis cultivation and distribution.
About Cannabics Pharmaceuticals
Headquartered in Tel-Aviv, Israel, Cannabis Pharmaceuticals Inc. (CNBX) is a U.S. publicly traded company that is developing a platform which leverages novel drug-screening tools and artificial intelligence to create cannabinoid-based therapies for cancer that are more precise to a patient's profile. By developing tools to assess effectiveness on a personalized basis, Cannabics is helping to move cannabinoids into the future of cancer therapy. The company's R&D is based in Israel, where it is licensed by the Ministry of Health to conduct scientific and clinical research on cannabinoid formulations and cancer.
Certain statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. For example, we are using forward-looking statements when we discuss the potential establishment of a joint venture, the timing of the formulation of a business plan and execution of a definitive joint venture agreement, our belief that the proposed joint venture will complement our efforts to bring medical cannabis products to market, our belief that the intrinsic therapeutic potential of cannabinoids for medical application is boundless, the potential opportunity to expand and distribute our products through NewCanna's global distribution network and the belief that SR technology is the safest, most accurate, consistent and effective medicinal cannabis delivery system. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Cannabics Pharmaceuticals Inc. which are condoned by the Company must emanate from the Company itself and bear our name as its source.
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