Can anyone tell me if the " European Pharmaceutical company" They are referring to was in fact GWPharm?
9:15a ET April 4, 2012 (PR NewsWire) Medical Marijuana Inc. (OTC: MJNA) is pleased to announce it has signed contracts with a European-based Pharmaceutical company for the purchase and development of a patented cannabinoid drug delivery product. The delivery method, in the form of a non-smoked product, will be able to provide benefits of cannabinoid-based healthcare research to medical professionals and patients seeking such innovative products. The product can be formulated in different dosage levels to be used for the majority of illnesses that cannabis has been shown to be affective with.
This cannabinoid delivery method will greatly expand MJNA's portfolio as the firm seeks to develop the Company's presence into the medical delivery system marketplace. Many European and Middle Eastern countries have decriminalized and approved marijuana for medicinal purposes. The future of the Cannabinoid industry lies in developing delivery methods that are socially and medically acceptable. Delivery methods include oral administration (tablets, liquids), intravenous therapy, topical gel-type application, lozenge and many others. Products will be available in the US in the coming months as MJNA establishes a licensing and manufacturing base with state licensed companies.
CannaBank has agreed to provide the financing for this transaction as part of their initial $4 million financing agreement (see MJNA Press Release from Feb 28, 2012). CannaBank shall maintain a 20% interest Medical Marijuana Inc.'s ownership of the company which represents an overall 10% interest. Medical Marijuana Inc. will assume 50% ownership in the European Pharmaceutical company.