ST. PETERSBURG, FL, Aug. 06, 2018 (GLOBE NEWSWIRE) -- The Greater Cannabis Company, Inc. (OTC Pink: GCAN) (“the Company”) is pleased to announce that it has acquired Green C Corporation through a Share Exchange Agreement dated July 31, 2018.
On July 31, 2018, the Company and Green C Corporation (Green C”) closed on a Share Exchange Agreement whereby the Company issued to the holders of Green C’s common stock a newly designated Preferred Stock titled Series A Convertible Preferred Stock (“Series A”) for all of the issued, and outstanding shares of common stock of Green C. Upon closing, Green C became a wholly owned subsidiary of the Company. Further details of the transaction can be found in the Company’s 8-K filed with the Securities and Exchange Commission at www.sec.gov .
Green C is a Canadian company focused on innovative drug delivery systems for the Cannabis industry and has an exclusive worldwide license for PharMedica’s “Eluting Transmucosal Patch Platform (ETP)” for non-invasive drug delivery for use in the Cannabis field. Some of the major advantages to the drug delivery platform include its rapid onset or slow, controlled and sustained release delivery capabilities. Green C has leveraged the ETP technology to manufacture a controlled and sustained release dose of Cannabinoids all on one oral patch.
As part of the transaction, the existing directors of GCAN will be stepping down and new directors and officers will be appointed. Mr. Aitan Zacharin, former founder and director of Fuse Science and an experienced public biotech executive, will be leading the Company as its CEO. Mr. Mark Radom will serve as the Company’s chief legal officer, and corporate counsel. “I am honored and excited to be leading GCAN as a biotechnology innovator in the Cannabis space,” said Mr. Zacharin. “We have licensed a technology that comes from decades of research and development of a novel delivery system, which improves drug bioavailability with improved efficacy.” “I look forward to working with our team in an effort to bring this important innovation to the global Cannabis market, and address a real unmet need for millions of patients.”
The Company is pleased to announce that its common stock is now quoted under the symbol “GCAN.” The Company’s market capitalization consists of 29,580,969 outstanding shares, and 10 million shares of authorized preferred stock as of July 31, 2018. Upon receipt of the date stamped designation of the newly formed Series A, the Company will issue 10,000,000 shares of the Series A to the former Green C shareholders.
The Company will be submitting its application in the coming weeks to OTC Markets to be uplisted to the OTCQB.
Outgoing director of GCAN, Wayne Anderson, had this to say about the transaction, “I wish to thank our loyal shareholders who have been exceptionally patient during the process of publicly listing GCAN. We have exhausted numerous hours completing our due diligence on the best path for GCAN in the Cannabis sector. We are confident that Green C’s drug delivery technology licensed from Pharmedica coupled with their stellar management team will lead GCAN to be a leader and innovator in the rapidly growing Cannabis industry. I look forward to working with the new management team over the next month as Green C transitions into GCAN and takes the helm.”
About Green C Corporation
Green C is a Canadian company focused on innovative delivery systems for the Cannabis industry and has the exclusive worldwide license for PharMedica’s Eluting Transmucosal Patch Platform (ETP) for non-invasive drug delivery for use in the Cannabis field. The company holds the rights to new delivery technologies using a bio-adhesive, adjustable dose, and fully dissolvable, non-irritant patch, which provides for a needle free, intra-oral systemic drug delivery. The conveyance technology is designed to accelerate and enhance the delivery and bioavailability of medicines and nutraceuticals when compared to traditional methods of enteral administration.
About The Greater Cannabis Company, Inc.
The Greater Cannabis Company, Inc. was formed in March 2014 as a limited liability company under the name, The Greater Cannabis Company, LLC. The Company remained a wholly owned subsidiary of Sylios Corp until March 2017. The Company’s business plan is to concentrate on cannabis related investment and development opportunities through its direct equity investments, joint ventures, licensing agreements, or acquisitions. Further information can be found on the Company’s website at www.greatercannabiscompany.com .
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations. Additional risks and uncertainties are set forth in the Company's Annual Report for the year ended December 31, 2017, which can be found on the Securities and Exchange Commission’s website at www.sec.gov as well as on the Company’s website at www.greatercannabiscompany.com .
Contact: The Greater Cannabis Company, Inc. 443-738-4051 info@greatercannabiscompany.com
