MJNA News Medical Marijuana, Inc. Shareholder Update - CanChew BioTechnologies Inc.

2012-07-12 09:05 ET - News Release

SAN DIEGO, July 12, 2012 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), a leading hemp industry innovator, is pleased to update its shareholders on the status of its portfolio company, CanChew BioTechnologies Inc ( www.canchewbiotech.com ) and related products.  Recently the Company acquired a significant 50% ownership interest in CanChew BioTechnologies Inc from the owners and developers, Sannamad Foundation based in the Netherlands.  The acquisition provided Medical Marijuana Inc. with the world-wide exclusive rights to develop, manufacture, market and distribute the first and only Cannabinoid (CBD) based chewing gum delivery mechanism.

Initially the CanChew chewing gum product will be marketed as an Over-the-Counter (OTC) product with a variety of health and wellness benefits. CanChew, is expected to have multiple uses, including pain management, decreasing of muscular spasticity in neuro-degenerative patients and in nausea management – a common occurrence in patients undergoing chemotherapy. The pain management market alone generated over $46 billion in worldwide sales in 2007, representing a 12.5% increase in sales over 2006 figures (source: www.globalbusinessinsights.com ).  While there has not been a true breakthrough in pain management since the 1950's with opiates –many new drugs have done exceedingly well.  By example, in the analgesic narcotic market, Pfizer's Celebrex generated $2.3B in sales for 2007 while the Lyrica product provided $1.9B in sales revenue during the same period.

Beginning Q4 2012, the Company will start formal clinical development in Europe focusing on the safety and efficacy in the treatment of pain and nausea with CanChew. Revenues generated from OTC product sales will fund these and additional trials, while immediate consumer feedback will provide valuable data to help speed clinical trial results. This effort will provide the Company with a strategic competitive advantage over traditional pharmaceutical companies product development and sales strategies.