COLORADO SPRINGS, Colo., July 6, 2010 (GLOBE NEWSWIRE) -- Cannabis Science, Inc. (OTCBB:CBIS), a pioneering U.S. biotech company developing pharmaceutical cannabis products, sees the payment of millions of dollars in fees to GW Pharmaceuticals by major international pharmaceutical companies as confirmation of the validity of its own strategy and proof that more and more people have found that cannabis provides safe and effective medicines that are greatly needed.
In 2007, the Japanese pharmaceutical company Otsuka paid GW $18 million for U.S. marketing rights to its Sativex oromucosal spray. It has also been paying for moving Sativex through the FDA approval process, and now it is expanding its commitment with another $12 million in research funding as part of a three-year extension to its global cannabinoid research collaboration with GW. Under the terms of the extension, Otsuka will fund global product development and commercialization and pay GW license fees, milestone payments, commercial supply costs, and product royalties with each product-specific license. This new pledge comes a week after Bayer Schering Pharma, the German pharmaceutical giant, committed to giving an approximately $15 million 'milestone payment' to GW following the UK's approval of its Sativex for the treatment of Multiple Sclerosis in the UK. Analysts at Piper Jaffray forecast that peak sales for Sativex could reach $180 million just in Europe and Canada. Presently, GW has a market capitalization of over $260 million. (http://gwpharm.com/Otsuka%20extension.aspx)
Dr. Robert Melamede Ph.D., Cannabis Science President and CEO, stated, "The unique ability of cannabis products to tap into our endocannabinoid system and help restore biochemical balance is responsible for its beneficial effects on so many illnesses. Cannabis Science is in a paradigm-changing position that allows it to work in medical marijuana supporting states and to develop products whose benefits are determined prior to participating in FDA trials. This is indeed a new paradigm, and it is ideally suited to fostering the change in healthcare that will result from the safe, effective and affordable medicines produced from the cannabis plant. We are in the process of creating an integrated complex structure to accomplish our FDA goals and corporate mission. We thank our investors for helping us to spearhead change for the benefit of all – but especially our veterans as we celebrated Independence Day.
"Previously, a startup pharmaceutical company would typically not have revenues, nor would it know whether its proposed products were safe and effective. Now, however, Cannabis Science, working in states with medical marijuana laws, is changing the paradigm. The patients are driving cannabis medicines forward. When a drug relieves your suffering you know it regardless of what formal studies have or have not occurred."
Richard Cowan, Cannabis Science CFO, stated, "Cannabis prohibition has not only deprived Americans of an amazingly helpful medicine, but has promoted incredible social injustice. We applaud the NAACP's support for California's effort to legalize marijuana. It's time to end the lies that have supported cannabis prohibition. We are confident that there will be realistic regulatory procedures in place for cannabis, as is true for alcohol, tobacco and over-the-counter drugs. We are preparing for that future by working now to help the states develop their regulatory structures. Cannabis Science is honored to play an important role in facilitating the integration of cannabis medicine and philosophy into our healthcare structure.
"We deplore current policies and regulations promulgated by federal and state fear mongers who continue to sacrifice the health and welfare of our military personnel and veterans by forcing them to use dangerous addictive drugs in lieu of cannabis medicines. Medical marijuana users prefer cannabis in lieu of narcotics for their chronic pain. Similarly, those suffering from PTSD have found cannabis to be more beneficial than anti-depressants. Medical marijuana has life enhancing properties, rather than promoting suicidal thoughts, as do currently accepted drugs. We believe these policies underlie the high suicide rates now seen in our Iraq and Afghan veterans. Our federal policy makers should trust and respect the opinions and rights of our wounded warriors. Why do they continue to promote the paranoia and lies of prohibitionists and their demonstrably failed policies?"
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 words 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.