This collaboration ensures consistent, first-of-its-kind cannabinoid formulations for 575 DEA-licensed medical cannabis research organizations to develop treatments for post-traumatic stress disorder, pain management, anxiety conditions and more.
Vancouver, British Columbia and Rehovot, Israel – (Newsfile Corp. – November 16, 2022) – BioHarvest Sciences (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV), a leading biotechnology company focused on growing plant bio-cells for the nutraceutical and medical cannabis markets, today announced the signing of a binding letter of intent (LOI) with Royal Emerald Pharmaceuticals (REP), one of only seven Drug Enforcement Administration (DEA) Wholesale Manufacturing Registry holders permitted to grow marijuana in the United States for studies related to FDA-approved drugs. This comes after the October 25th release from BioHarvestThe tenth Advertising that it can produce unique CBD cannabis plant-based formulations that significantly increase cannabinoid concentrations (by weight) versus the parent plant.
The exclusive 3-year arrangement (with extension provisions) allows BioHarvest to arrange cannabis products for research purposes to pharmaceutical companies, research institutions, and other entities federally registered with the United States Drug Enforcement Administration, and opens the door to advance cannabis research initiatives for drug development through non-cannabinoid formulations. existing in nature. Under the multiyear agreement, BioHarvest will be REP’s exclusive supplier of cannabis produced from unconventional cultivation methods for scientific, medical, and research purposes across the DEA-regulated US market. As part of the letter of intent, REP participated in $1 million in a BioHarvest Convertible Loan Investment Vehicle that closed its second tranche on November 15.The tenth.
Cannabis-based medicines could be a boon for pharmaceutical companies today threatened by the legalization of cannabis. A number of studies have shown a decrease in prescription drug use in Medicaid and Medicare groups as a direct result of the legalization of cannabis. Together, REP and BHSC can offer pharmaceutical companies consistent medical cannabis at very attractive manufacturing costs with patentable formulations designed to address specific medical indications.
“I have unprecedented confidence in the BioHarvest platform technology and its unique cannabinoid formulations especially after visiting the R&D and manufacturing facilities in Israel,” said Douglas Rosenberg, CEO of Royal Emerald Pharmaceuticals. “Cannabis-derived drugs are on the brink of a huge opportunity right now as traditional pharmaceutical markets move in search of innovation and technological developments that use cannabis to offer better solutions. Together we are well positioned for the expected significant increase in US demand for medical-grade cannabis for therapeutic research. I look forward to a partnership Fruitful and prosperous for both parties.”
“We are incredibly proud to have partnered with Royal Emerald to pair our advanced technology with their mission to revolutionize the medical cannabis research ecosystem by offering unique, patentable, non-addictive formulations of cannabinoids that effectively address the myriad of issues currently plaguing our global communities. BioHarvest CEO Ilan Sobel said. “BioHarvest and REP are committed to developing life-changing solutions for key medical conditions that are currently not adequately treated by current chemically synthesized medicines. Imagine what could be achieved if researchers and the medical community at large were assured of batch-to-batch consistency and the ability to adjust cannabis-based treatment for specific medical indications. This is really revolutionary.”
Using a patented technology in which vital plant cells are grown in bioreactors, BioHarvest has the unique ability to produce medical cannabinoids with consistent formulations by increasing, controlling, and adjusting concentrations of various major and minor cannabinoids. This could help researchers develop previously inaccessible treatments for major health challenges such as ADHD, pain management, sleep disorders, and anxiety.
Dr. Christopher D’Adamo, director of the Center for Integrative Medicine at the University of Maryland School of Medicine, called BioHarvest’s technology a major advance.
“Today marks a historic milestone in pioneering and developing the full-spectrum cannabis drugs of the future that the medical establishment has been looking forward to for their ability to treat many chronic health indicators in need of better treatment options,” D’Adamo said. “Additionally, BioHarvest’s ability to provide distinct formulations of cannabinoids with a wide range of cannabinoids, and with batch consistency and patentability, will undoubtedly be a great incentive for companies to actively participate and invest in cannabis-based drugs.”
REP is one of only seven companies in the United States that hold licenses to manufacture large quantities of DEA for scientific medical research. The supply of cannabis is permitted to at least 575 institutions that have DEA research licenses for cannabis research. They range from drug companies to academic and medical institutions to government agencies such as the Department of Veterans Affairs and the National Institute on Drug Abuse. The REP also has a General Services Administration license that enables the company with BioHarvest to apply for major government grants from government agencies for cannabis research.
Pursuant to the LOI, and subject to obtaining a manufacturing license from the Israeli health authorities, the cannabis products supplied by BioHarvest will be produced at the facility in Israel. The future establishment of a manufacturing facility at REP’s headquarters in California is being contemplated under certain conditions. The LOI also includes provisions regarding potential future development of prescription drugs by BioHarvest and REP jointly.
Investor Webinar – Wednesday, November 16, 2pm EST | 11 a.m. PT
Given the magnitude of this announcement, and what it means for the leadership in cannabis drug development focusing on key indications that are under-addressed by pharmaceutical drug companies today, the company will be hosting a special event for investors today at 11am PST | 2 p.m. EST, where BioHarvest Sciences CEO Eliane Sobel will be joined by Royal Emerald Pharmaceuticals CEO Douglas Rosenberg. All interested media and investors are invited to pre-register via this link: https://us02web.zoom.us/webinar/register/WN_y44ONRvVQ9Ou5bhWtHrvAA
About BioHarvest Sciences Inc.
BioHarvest Sciences Inc. (CSE: BHSC) is a rapidly growing biotechnology company that has developed patented biocell growth platform technology capable of growing active and beneficial ingredients in fruits and plants, on an industrial scale, without the need to grow the plant itself. This technology is economical, ensures consistency, and avoids the negative environmental impacts associated with conventional farming. BioHarvest is currently focused on the nutraceutical and medical cannabis markets. visit: www.bioharvest.com.
About Royal Emerald Pharmaceuticals
Royal Emerald Pharmaceuticals is a California Drug Enforcement Administration and US Food and Drug Administration (DEA) registered manufacturer and supplier of non-addictive cannabis products developed for medical, scientific, and research purposes. The company was founded on a shared mission to help veterans, first responders, and other service personnel on the front lines who sacrifice for the greater good and as a result suffer from trauma-related issues such as PTSD and other health consequences. Royal Emerald is dedicated to serving our heroes by developing the best pharmaceuticals derived from hemp to meet their specific health and medical needs. Visit: https://www.royalemeraldrx.com/.
BioHarvest Sciences Inc.
Ilan Sobel, CEO
For more information, please contact:
Dave Ryan, Vice President of Investor Relations and Director, Phone: 1 (604) 622-1186
Royal Emerald Pharmaceuticals
Douglas Rosenberg, CEO
For more information, please contact:
Jackie Devereaux, Director of Communications and Media Relations
Phone 1 (760) 671-6944
The information in this press release includes forward-looking statements that are based on management’s current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Projected sales of hemp products will require the Company to obtain a production and/or export license which cannot be guaranteed. There is no guarantee that the company’s products will help researchers work on medications for health challenges such as ADHD and sleep disorders. Pain and anxiety management. Marketing products with such claims would require FDA approval in the United States and similar approvals in other jurisdictions, which would require a lengthy and expensive approval process including clinical trials whose results may be uncertain and cannot be guaranteed. Although the Company believes that the consistency and customizability of its products will make them more suitable for medical and scientific research, there is no guarantee that customers of Royal Emerald or other medical/scientific users of cannabis products will choose the Company’s products over traditionally grown cannabis products. Adoption of new and disruptive products can be subject to structural obstacles and uncertainty of market acceptance which may delay or even prevent adoption. There is no guarantee that the Company and/or Royal Emerald will develop prescription drugs which usually involve lengthy and expensive research and approval processes which may exceed the capacity of such parties and great uncertainty of success.
All forward-looking statements are uncertain in nature and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update the forward-looking disclosures other than through regular management discussions and analysis disclosures.
Neither the Canadian Stock Exchange nor the Regulatory Services Provider can be held responsible for the adequacy or accuracy of this release.
To view the source copy of this press release, please visit https://www.newsfilecorp.com/release/144473