Mike Madriaga 12:40 p.m., May 25
Local Firm Purchases Rights to Patented Cannabis Ingestion Method
San Diego’s Medical Marijuana Inc. is announcing that it has inked a deal with an unnamed European pharmaceutical company for the purchase and development of a patented cannabinoid drug delivery product.
The delivery method, while not specifically described, is intended to facilitate cannabinoid-based medical research by making available “medical grade” cannabis-based products with controlled dosing. The company says moving toward a socially and medically acceptable method of cannabis ingestion could include oral doses in the form of liquids, pills, or lozenges as well as topical gels or intravenous injections.
“This is a significant step in the production of medical grade cannabis based products. This acquisition will significantly expand not only our portfolio of patented products that are socially and medically acceptable, but solidifies the company's future in the cannabinoid medicinal arena. We will be retaining a very experienced research, development and critically important patent team,” said company president Michael Llamas in a release.
Llamas says he hopes to close the deal sometime in April and, pending licensing and establishment of a manufacturing base, the company hopes to have the new product available stateside “in the coming months.”
Another San Diego-based firm, CannaBANK, is providing financing for the purchase as part of a $4 million commitment to Medical Marijuana Inc. CannaBANK, sharing the same Clairemont office address as Medical Marijuana Inc., will retain a 10% stake in the new venture.
More like this:
- Medical Marijuana, Inc., sued — May 6, 2015
- Spike in income, profits for local marijuana-focused company — Jan. 23, 2013
- Local Firm Takes Marijuana Sodas, Snacks National — April 18, 2012
- Medical Marijuana Inc. Reports Jump in Revenue — Feb. 6, 2012
- Marijuana Extract Pills Coming to Market — July 11, 2011