While This Formula is Not Hemp Extract-Based, it Fits Perfectly with Our Focus on Health & Wellness, Including Our Ayurvedic Herbal Formulas
Las Vegas, NV, June 21, 2018 (GLOBE NEWSWIRE) -- Freedom Leaf, Inc. (OTCQB: FRLF), has acquired the patent pending for a natural cholesterol lowering formula developed by Healthy Discovery Associates Corp. Clinical trials for this product indicate significant improvements in reducing cholesterol levels. This is a dietary supplement and will not require FDA approval.
Freedom Leaf acquired the patent pending application for 1,400,000 shares of FRLF common stock, subject to a leak-out agreement.
Clifford J. Perry, Freedom Leaf CEO and co-founder, explains: “High cholesterol is considered a major factor in cardiovascular disease, and the market for statins, the leading category of prescription anti-cholesterol drugs, exceeds $20 billion annually. Unfortunately, statins are not well tolerated by many patients, who seek out alternatives in the dietary supplement market. While this formula is not hemp extract-based, it fits perfectly with our focus on health and wellness, including our Ayurvedic herbal formulas, sold under the Hempology brand. We hope to have this supplement on the market within the next 4 to 6 months.”
The product development scientists of the patent pending formula are Allan S Kaplan Ph.D. and Harvey Katz, Ph.D. Dr Kaplan’s degree is in Pharmaceutical Chemistry; and, he has worked as a Senior Pharmaceutical Executive with companies and their Subsidiaries, including: Merck, McNeil, Smith Kline and others. He has been involved in developing pharmaceutical products and been Director of up to 70 person formulating teams. He has been published in Pharmaceutical Research Digest.
Dr. Katz has an extended career in Nutraceutical companies, Environmental Chemical Company, Renewable Energy and Emergency Power Systems - all as CEO. He started Healthy Discovery Associates with Dr. Kaplan and two others. He led the product development team shepherding it through the clinical trials.
“Both Dr. Katz and Dr. Kaplan will be available to work with our in-house formulator to make any necessary changes,” Added Perry. “With Drs. Katz and Kaplan’s continued help, our goal is to market the current formula to a broad need-based consumer market through our growing platform of sales outlets as well as another formulation with the addition of Full Spectrum Hemp Oil as part a dietary supplement for prevention against and reduction of cholesterol.”
Freedom Leaf CFO, Richard Groberg, noted: “This acquisition represents another exciting addition to the Freedom Leaf family. I look forward to being able to focus on helping accelerate this and other recent additions once we complete our 10-Q filing. We are working closely with our new auditor who is completing their review procedures. We anticipate filing our Quarterly Report in the near future.”
About Freedom Leaf, Inc.®
Freedom Leaf, Inc. is a group of diversified, international, vertically-integrated hemp businesses concentrating on health, wellness, and education as well as cannabis and hemp media companies. Freedom Leaf Inc. is a fully-reporting and audited publicly-traded company under the symbol (OTCQB: FRLF). Freedom Leaf Inc. has been a leading go-to resource in the cannabis, medical marijuana and industrial hemp industries since 2014, founded by professionals with over 200 years combined experience in marijuana and hemp legalization advocacy. FRLF is building a diverse portfolio of valuable businesses through strategic mergers, acquisitions, and acceleration projects across the industry.
FRLF’s large portfolio of acquisitions and properties includes: our full spectrum hemp oil product line and formulation facility - Irie CBD in Oakland, CA ; our wholly-owned hemp extraction facility in N. Las Vegas, NV, Leafceuticals, Inc.; our exclusive health and wellness full spectrum hemp oil brand - Hempology, our just-acquired indoor 430,000 square foot greenhouse nursery in Valencia, Spain for the cultivation of Hemp; our hemp-based rolling paper company - Plants to Paper; two of the largest Spanish-speaking cannabis web portals in the world - LaMarihuana.com and Marihuana-Medicinal.com, and of course our flagship publication - Freedom Leaf Magazine.
Utilizing these mergers and acquisitions, Freedom Leaf Inc. is continually building a solid foundation for our vertically-integrated hemp company to maximize both revenue growth, and net profit, which will increase our shareholders value. Our cultivation and extraction divisions allow FRLF to grow and source our own full spectrum hemp CBD, which allows dramatically lower production costs for our wholly-owned hemp CBD product lines, thereby generating more revenue for each product sold. We formulate and manufacture the majority of our products in our own in-house formulation centers, also greatly reducing our costs and increasing revenue. In addition, our extensive domestic and international media companies ensure we can continuously direct traffic to our many eCommerce sites and nationwide retail locations.
Freedom Leaf Inc. also sells licenses to use the Freedom Leaf brand in different countries and states across the globe. We have entered into three license agreements: for Spain and Portugal, for The Netherlands, and for Southern California.
Freedom Leaf, Inc. does not handle, grow, sell, or dispense marijuana or related products.
All of our European activities are in full compliance with relevant EU laws.
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