Medmar will have exclusive right to manufacture, produce, publicize, promote and market OWC's Licensed Products in any state in the U.S.
OWC Pharmaceutical Research Corp Signs Agreement With US Partner for Funding in Advance of Future Royalties
Initial Focus Will Be Commercialization Of Company's Topical Psoriasis Treatment
Sep 30, 2016, 08:00 ET from OWC Pharmaceutical Research Corp.
OWC Pharmaceutical Research Corp. (OTCQB: OWCP), ("OWC" or the "Company" ), an Israeli-based developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, today announced it signed an agreement for $300,000 with Medmar LLC ("Medmar" ).
According to the terms of the agreement:
The funds will be allocated to complete the development of the Company's proprietary psoriasis cream;
Medmar will have exclusive right to manufacture, produce, publicize, promote and market OWC's Licensed Products in any state in the U.S;
The loan is non-interest bearing and will be repaid from royalties generated by the sale of OWC licensed products.
Commenting on his investment, Steve Weinstein, CEO of Medmar said, "Medmar has been anxious to advance cannabis as medicine, however US regulation makes it very difficult for companies here to actively pursue any type of development in the sector; fortunately, the environment in Israel is more favorable to the industry."
Mr. Weinstein went on to say, "We learned about OWC as they are one of only a handful of companies taking a true clinical approach to the research and development of medical cannabis, and this was important to us. Once we saw the preliminary results for their clinical studies, particularly in the field of psoriasis, we decided to make an investment and partner with them."
Mordechai Bignitz, OWC's Chairman and CEO, also commented on the announcement, "As we continue to make progress in our clinical trials for multiple myeloma, psoriasis and fibromyalgia, we are excited to partner with MedMar as we prepare to bring products to market. Their confidence in the potential for the commercialization of our research is clearly evident in the terms of this agreement."
Medmar LLC was on the list of companies who applied in Maryland for a preliminary licenses to process marijuana.
Here are the winners and losers in the race to grow medical marijuana in Maryland
Maryland regulators announced which 15 companies can grow medical marijuana in Maryland. The commission also announced 15 companies received preliminary licenses to process marijuana. Records obtained by the The Washington Post showed the people behind the companies that won and lost in bids for licenses. Read related: Select companies will be first in Md. to legally grow, process marijuana for medicine.
They weren't one of the 15 companies selected out of 144 companies that applied, but more companies will be getting licenses in the future.
MedMar is on this list and they have political ties with Robert DiPietro, the former mayor of Laurel, Md, who is involved.
Medmar LLC
ALSO APPLIED TO SELL AND PROCESS
Yehuda Baruch and Alon Sinai are executives at One World Cannabis, a publicly traded Israeli company that runs clinical trials studying the effect of cannabis on ailments as varied as migraines and PTSD. Robert DiPietro is the former mayor of Laurel, Md., who later registered as a lobbyist.
Steve Weinstein, chief executive
Who's involved
Steven Weinstein
Robert DiPietro
Ernest Roll
Alon Sinai
Yehuda Baruch
https://www.washingtonpost.com/graphics/local/md-marijuana/
OWC Pharmaceutical Research Corp Signs Agreement With US Partner for Funding in Advance of Future Royalties
Initial Focus Will Be Commercialization Of Company's Topical Psoriasis Treatment
Sep 30, 2016, 08:00 ET from OWC Pharmaceutical Research Corp.
OWC Pharmaceutical Research Corp. (OTCQB: OWCP), ("OWC" or the "Company" ), an Israeli-based developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, today announced it signed an agreement for $300,000 with Medmar LLC ("Medmar" ).
According to the terms of the agreement:
The funds will be allocated to complete the development of the Company's proprietary psoriasis cream;
Medmar will have exclusive right to manufacture, produce, publicize, promote and market OWC's Licensed Products in any state in the U.S;
The loan is non-interest bearing and will be repaid from royalties generated by the sale of OWC licensed products.
Commenting on his investment, Steve Weinstein, CEO of Medmar said, "Medmar has been anxious to advance cannabis as medicine, however US regulation makes it very difficult for companies here to actively pursue any type of development in the sector; fortunately, the environment in Israel is more favorable to the industry."
Mr. Weinstein went on to say, "We learned about OWC as they are one of only a handful of companies taking a true clinical approach to the research and development of medical cannabis, and this was important to us. Once we saw the preliminary results for their clinical studies, particularly in the field of psoriasis, we decided to make an investment and partner with them."
Mordechai Bignitz, OWC's Chairman and CEO, also commented on the announcement, "As we continue to make progress in our clinical trials for multiple myeloma, psoriasis and fibromyalgia, we are excited to partner with MedMar as we prepare to bring products to market. Their confidence in the potential for the commercialization of our research is clearly evident in the terms of this agreement."
Medmar LLC was on the list of companies who applied in Maryland for a preliminary licenses to process marijuana.
Here are the winners and losers in the race to grow medical marijuana in Maryland
Maryland regulators announced which 15 companies can grow medical marijuana in Maryland. The commission also announced 15 companies received preliminary licenses to process marijuana. Records obtained by the The Washington Post showed the people behind the companies that won and lost in bids for licenses. Read related: Select companies will be first in Md. to legally grow, process marijuana for medicine.
They weren't one of the 15 companies selected out of 144 companies that applied, but more companies will be getting licenses in the future.
MedMar is on this list and they have political ties with Robert DiPietro, the former mayor of Laurel, Md, who is involved.
Medmar LLC
ALSO APPLIED TO SELL AND PROCESS
Yehuda Baruch and Alon Sinai are executives at One World Cannabis, a publicly traded Israeli company that runs clinical trials studying the effect of cannabis on ailments as varied as migraines and PTSD. Robert DiPietro is the former mayor of Laurel, Md., who later registered as a lobbyist.
Steve Weinstein, chief executive
Who's involved
Steven Weinstein
Robert DiPietro
Ernest Roll
Alon Sinai
Yehuda Baruch
https://www.washingtonpost.com/graphics/local/md-marijuana/
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