COLORADO SPRINGS, Colo., Aug 12, 2010 (GlobeNewswire via COMTEX) —
Cannabis Science (OTCBB: CBIS | PowerRating), a pioneering U.S. biotech company developing pharmaceutical cannabis products announced today that it has executed a Joint Venture Agreement with Smokefree Innotec Inc. (Pink Sheets: SFIO | PowerRating). The objective of the joint venture is to develop and market several high-tech smoke-free vaporized medical cannabis pharmaceutical products. Under the joint venture, Smokefree Innotec, Inc. will provide its high-tech smoke-free vapor technology devices, and Cannabis Science will provide all the medical cannabis extract formulations. Both parties equally share in the revenues derived from this Joint Venture.
Dr. Robert Melamede, President & CEO of Cannabis Science Inc., stated, "Many patients smoke medical cannabis because it gives them rapid relief that allows them to monitor their usage. Smokefree Innotec’s technology allows the patients even greater convenience and dosage control than smoking, without all of the possible health and social/legal problems associated with smoking. Cannabis Science will provide a variety of standardized medical marijuana formulations to be used with the Smokefree Innotec products, so that patients can self-monitor their dosages. Of course, these products will be of even greater value to patients who do not like to smoke since vaporizing minimizes the irritating and harmful effects caused by direct smoke contacting the lungs."
Thomas Schroepfer, CEO of Smokefree, stated, "We have entered into this joint venture with Cannabis Science to utilize their innovative knowledge of the science of cannabis and their laboratory research expertise. These competencies coupled with our high-tech products open the door for substantial product distribution channels on an international level. Our initial target markets will be the expanding number of States that have approved medical marijuana use according the applicable federal and state regulations. With our international distribution of Smokefree Innnotec products already well established, the entry into the Medical Cannabis market represents our commitment to significantly expand and distribute the new products across North America, while we identify and secure a market share of rapidly growing industries such as Medical Cannabis, Military Retail and Government service."
The managements of both companies are grateful for the expert guidance provided by retired Lieutenant Cornel Kevin Sullivan of Leading Points Corporation, (www.leadingpoints.com). Leading Points initiated the relationship between Cannabis Science and Smokefree Innotec that resulted in this joint venture. Leading Points Corporation, whose mission is matching industry leaders in order to capture market share for government and military distribution of products will continue in that capacity to further progress possible government and military use of the products developed from this joint venture.
About Smokefree Innotec, Inc:www.smokefree-innotec.com
Smokefree Innotec, Inc. is in the business of designing, developing, manufacturing and marketing hi-tech, nicotine and non-nicotine cigarette-like delivery devices which are completely smoke and vapor-free and tobacco-free. Smokefree Innotec’s products are designed to protect the non-smoker from second hand smoke and all its effects while providing the smoker a way to enjoy a smoke and vapor-free cigarette anywhere, including places where smoking tobacco or similar substances is prohibited. Further, our products will allow the smoker to enjoy smoking either nicotine or flavored non-nicotine cigarettes while not having to worry about the offensive dangers and ill effects of regular cigarette smoking. However Smokefree Innotec products are not intended for the prevention or therapeutic treatment of any disease.
About Cannabis Science, Inc.
Cannabis Science, Inc. is at the forefront of pharmaceutical grade medical marijuana research and development. The Company works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce, and commercialize phytocannabinoid-based pharmaceutical products. In sum, we are dedicated to the creation of cannabis-based medicines, both with and without psychoactive properties, to treat disease and the symptoms of disease, as well as for general health maintenance.
Forward Looking Statements; This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based drugs. Cannabis Science, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Cannabis Science, Inc.
CONTACT: Cannabis Science Inc.
Mark J. Friedman
Dr. Robert J. Melamede, President & CEO