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BALTIMORE, MD, Sept. 19, 2019 (GLOBE NEWSWIRE) -- The Greater Cannabis Company, Inc. (“The Company”; OTCQB: GCAN), a market leader and innovator in the development and commercialization of cannabinoid delivery systems is pleased to update its shareholders on operational aspects of the business.
Over the last few months the Company has been successful in achieving numerous milestones in the advancement of its business strategy, as outlined in this communication.
- The company has been exploring options for large scale manufacturing. Our current manufacturing capabilities are limited to less than 10,000 units per month through our small-scale manufacturing facility and R&D lab in New Jersey. We have successfully identified and aligned ourselves with two contract manufacturing organizations (CMOs). These two companies have decades of experience with manufacturing our dosage forms for Rx products, and our team has worked with them in the past. They offer us cGMP manufacturing capabilities with the ability to produce millions of units per month. This is a critical milestone for the Company to be able to achieve market penetration through our partners’ distribution channels. For partner companies needing a THC product, we have aligned ourselves with two companies that manufacture the machinery required to produce our delivery system in our partners’ facilities as opposed to in our CMOs facilities. We believe with these two options available we can now advance our commercialization strategy and begin to take products out of the lab and into the hands of consumers.
- Our Company has communicated in the past that we are embarking on additional clinical studies to further substantiate our delivery technology. These are important elements of our overall strategic imperative to build our biopharmaceutical pipeline in addition to our consumer products. Further, much of the inbound business development opportunities have come by way of pharmaceutical companies and cultivators in the medicinal market looking for safe and proven dosage forms to deliver cannabinoids into the body with higher bioavailability. In order to advance this arm of our business we feel it is necessary to have further clinical data to support our efficacy claims, specifically as it relates to cannabinoids. Initial efforts to conduct these clinical studies in North America have proven to be inhibited by regulatory hurdles in exporting our products to Canada, and in the US have proven to be prohibitive in obtaining IRB approvals. Instead of spinning our wheels trying to make it work with North American clinical research organizations (CROs) we have decided to take our clinical research needs overseas. We are currently in Israel mapping out preclinical and clinical studies with an academic institution affiliated partner. We will be using our existing formulations, and others, to test our delivery platform and gather pharmacokinetic (PK) data. Israel’s cannabis friendly regulatory environment offers the Company a way to accelerate our studies, and to do so in a cost-efficient way. Advancing this side of our business will play directly into our licensing strategy, as well as allowing us to build more web protection around our intellectual property.
Mr. Aitan Zacharin, CEO of Greater Cannabis had this to say, “I am very confident in our prospects. The Company has achieved numerous milestones, and we are advancing on all fronts. Our commercial strategy is beginning to take form, and we are developing strategic relationships throughout the industry, which I believe will lead to accelerated growth in the coming months. We are intently focused on two parallel paths. The first, to bring our products to market in partnership with companies that have existing distribution footprints, and to start generating sales driven revenues. The second, to take an empirical approach to product innovation, and leverage our clinically proven assets in order to offer the most effective and safest delivery systems for consumers and patients.” Mr. Zacharin concluded, “I look forward to sharing more positive news with our shareholders as we continue to execute on our business plan. I would like to thank you for your ongoing commitment to the Company.”
About The Greater Cannabis Company:
The Greater Cannabis is a biopharmaceutical company focused on the development and commercialization of innovative cannabinoid delivery systems. Greater Cannabis deploys its patented technology platform for use in the cannabis industry. The Company’s conveyance platform can be utilized to deliver cannabinoids without the harmful side effects found with other routes of cannabinoid administration. The technology is versatile in that for the first-time patients can receive lower dosing, enhanced bioavailability, and controlled rapid and delayed release using a fully dissolvable, non-irritant oral eluting patch. Greater Cannabis’ mission is to bring our technology to the global market through partnerships with leading cannabis and pharmaceutical companies, for the benefit of patients and consumers. More information on the Greater Cannabis Company and its technology can be found on the Company’s website, www.gcanrx.com.
Disclaimer: GCANRx relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company’s best judgment based upon current information and involve several risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company’s public announcements.