BOULDER, CO--(Marketwired - Aug 5, 2014) - Cannabis Therapy Corp. (OTCQB: CTCO) (the "Company"), a development stage company aiming to become a leader in the research, development and commercialization of safe, all-natural, ultra-low THC, cannabinoid-based medicinal therapies and supplements (Nutraceuticals), is very pleased to announce the execution of a definitive licensing agreement with Canna-Pet, LLC of Seattle, WA.
Under the terms of the agreement, Cannabis Therapy Corp., in exchange for sales royalties, now has an exclusive worldwide license and rights to the technology and products currently developed by Canna-Pet, LLC and the possibility for co-development of future animal health products. The agreement covers production and sale of animal health and pet products made from hemp, a low-THC cannabis plant and results in the transfer of future revenues, brand identity, management expertise, goodwill, sales materials and customer base from Canna-Pet, LLC to Cannabis Therapy Corp.
The animal health sector encompasses livestock and working animals as well as pets. Whether an animal has high intrinsic value or is a valued family member, quality assured, pharmaceutical grade products are in great demand and significantly aid in the creation of trusted, high value brands. According to a State of the American Pet Survey, one of the greatest challenges of pet ownership is maintaining pets' health. 41% of pet owners have considered or tried various alternative therapies, including nutritional supplements (29%), herbal remedies (7%) and homeopathy (4%).
Canna-Pet products were developed in a collaboration between Doctors of Veterinary Medicine in six states and an MIT entrepreneur. The company is the culmination of twenty years of research and development in cannabinoid therapies for animals. Canna-Pet, LLC currently leads the industry with veterinarian recommended, legal, over the counter Cannabidiol (CBD) products for pets made in the USA from industrial hemp. For more information please visit: www.canna-pet.com.
"We are thrilled to make this important announcement today," comments Dan Goldfarb, President of Canna-Pet, LLC. "The recession-resistant animal health products industry is projected to reach $12 billion in the USA alone by 2016 and to-date we have made great progress in pioneering an industry segment that we believe is poised to explode globally. Twenty years of animal research mirrors many current human studies indicating that CBD therapies can assist with inflammation, anxiety, compromised immune systems, digestive issues, nausea, chronic pain and seizures. Our relationship with Cannabis Therapy Corp. complements their ongoing human health science R&D efforts while rapidly elevating our core science competency, operational and financial planning well beyond what we have developed to-date."
Cannabis Therapy Corp. President and CEO Dr. Soren Mogelsvang states, "We set out to become cash flow positive as quickly as possible and this fit comes with near term revenues and the extraordinary upside that the Canna-Pet business almost seamlessly integrates with our ongoing efforts for developing human therapies. Providing hemp-based, veterinary-grade extracts to the rapidly growing but undervalued over the counter animal health market is simply the first of several revenue streams currently available to us in the medicinal cannabis marketplace. Our commitment to commercialization of an entire suite of products just got a huge and important kickstart, which will aid greatly in our efforts to seek out additional sources of capital while operationally fine tuning our development, sales and marketing efforts exponentially."
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer with the Securities and Exchange Commission ("SEC") available at www.sec.gov. For more information please visit www.cannabistherapy.com.
About Cannabis Therapy Corp. (OTCQB: CTCO)
Cannabis Therapy Corp. aims to develop and market safe, phytocannabinoid-based medicinal products and to apply rigorous manufacturing and quality control standards to become a global leader in the research, development, manufacturing, testing and marketing of cannabinoid ingredients and therapies for both humans and animals. For more information visit www.cannabistherapy.com.
About Canna-Pet™ Products for Pet Health
Developed in a collaboration between Doctors of Veterinary Medicine in six states and an MIT entrepreneur, Canna-Pet products are the culmination of twenty years of research and development in cannabinoid therapies for animals. Canna-Pet, LLC currently produces the only veterinarian recommended, legal, over the counter CBD products for animals, made from industrial hemp and manufactured in the USA. Canna-Pet™ products are offered as capsules in four dosages, and as Canna-Biscuits™ treats. All products contain not only CBD, but other cannabinoids and terpenes (essential oils) that make Canna-Pet products uniquely effective. Canna-Pet, LLC products are available worldwide, under an exclusive license agreement with Cannabis Therapy Corp. (OTCQB: CTCO). For more information visit: www.canna-pet.com.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the availability of additional funding; and the Company's business, product development, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, the Company's current reports on Form 8-K. The Company does not undertake to update these forward-looking statements. FDA Disclosure: The statements in this news release have not been evaluated by the Food and Drug Administration (FDA). The products and statements mentioned in this release are not intended to diagnose, treat, cure, or prevent any disease.
ON BEHALF OF THE BOARD,
Soren Mogelsvang, President & CEO
Cannabis Therapy Corp.