Converted Organics Inc. (COIN, Trade ) announced today that PharmaSphere Systems, LLC has entered into a Term Sheet and Memorandum of Understanding with Innovative Solutions for Non-Profits, Inc. for the license of PharmaSphere's growing systems for a proposed medical marijuana facility in Providence, Rhode Island.
PharmaSphere Systems, LLC is a biotechnology company that expects to produce and market high-value, plant-based compounds to the pharmaceutical, nutraceutical, and cosmeceutical markets through the use of TerraSphere Systems, LLC patented vertical farming technology. The growing systems offer a secure, accountable method for the cultivation of medical marijuana in a controlled, fully contained environment.
Rhode-Island based Innovative Solutions for Non-Profits, Inc., is an organization focused on providing technical and financial support to local non-profit businesses that has applied for a license to grow medical marijuana at a facility in Rhode Island. Innovative Solutions expects to receive its growing license from the state of Rhode Island in September, 2010.
14 states across the U.S. have already approved the use of medical marijuana, and several others are in the process of licensing "compassion centers" for the purpose of providing patients with access to this treatment. The State of Rhode Island alone estimates that it has issued over 1,500 medical marijuana use permits, with the number of permits expected to double in the next 18 months. The Rhode Island medical marijuana program includes 8 diseases and 5 qualifying conditions including: Alzheimer's, HIV/AIDS, Cancer, Crohn's, Epilepsy, Glaucoma, Hepatitis C, Multiple Sclerosis, or any debilitating, chronic condition that produces spasms, wasting, seizures or severe pain or nausea. Under the program, each patient is authorized to purchase up to 2.5 ounces of medical marijuana per month.
"PharmaSphere brings a great deal of control and security to the pharmaceutical industry and we look forward to doing the same in the medical marijuana space, providing licensees with the same accountability, containment, traceability, purity and pharmaceutical drug-level control standards that are required in the production of other medicines. Additionally, PharmaSphere's highly efficient growth systems provide accelerated growing cycles, while using best green practices to produce pesticide, and chemical-free crops, grown in facilities capable of factory scale farming," said David Darlington, CEO of PharmaSphere Systems, LLC. "Our fully-contained system meets all current state-level regulations for the growth of medical marijuana, and we believe it represents an ideal solution for state-licensed organizations to grow the product in a safe, secure, fully-controlled environment. We view this collaboration with Innovative Solutions for Non-Profits as an important first step toward increasing the availability of medical marijuana for patients suffering from serious diseases."
"We believe that licensing and implementing PharmaSphere's technology will prove to be beneficial for Innovative Solutions as we work toward the launch of our first facility. PharmaSphere's patented system and relationships with research scientists and institutions will allow us to offer clients a safe, high-quality product that will help improve quality of life for those who need it most," added William Walter, President and CEO of Innovative Solutions for Non-Profits, Inc.
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