TORONTO, Sept. 17, 2020 (GLOBE NEWSWIRE) -- CANAQUEST MEDICAL CORP (OTC Markets: “CANQF”) (the "Company" or “CanaQuest”), a Life Science/Pharmaceutical Company developing health products utilizing cannabinoid molecules and other botanical compounds (pharmaceutical grade), today announced that it has been approved to raise capital on The OCMX, an online portal that publicizes and provides financial connections to public and privately held investment opportunities.

Planned use of proceeds for CanaQuest’s raise include helping further facilitate a funding pathway for FDA drug approval, which is already underway.

The OCMX has spent considerable time completing its due diligence on the Company and concluded that there is indeed a tremendous opportunity for Investors and Advisors. The OCMX noted that, “CanaQuest Medical Corporation exhibits the main components of any solid investment opportunity, namely a solid management team, a great track record, and a number of key competitive advantages.”

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1) Based on the preclinical trial results, the Company believes that Mentanine® has several advantages compared to other CBD products. For example, the Mentanine® formula, manufacturing process and drug delivery significantly increases the efficacy of the CBD, thus requiring a lower amount of CBD for medication purposes, eliminating negative side effects associated with high CBD consumption.
2) The synergistic effect of the formula, which allows the drug to cross the Blood Brain Barrier, will provide the opportunity for Mentanine® to treat numerous mental health issues. It can also be used as a direct alternative to THC products.
3)In June 2018, Epidiolex was approved by the US FDA as the only CBD product approved by the FDA. As a result, GW Pharma generated in excess of $290 Million in revenue.
4) Under the Pharmaceutical regulatory pathway (pursued by GW Pharma), CanaQuest is focusing on obtaining approval for two scientifically developed products to deal with mental health while eliminating significant negative sides effects as compared to other CBD and THC products on the market today. Mentanine®Rx - CBD based formulation, and Mentabinol® Rx – THC based formulation. Based on pre-clinical trials results CanaQuest products have a clear path for obtaining regulatory approvals.
5) ADC Biomedical (CanaQuest’s subsidiary) will be selling medical cannabis and cannabinoid products to patients in Canada under its licence with Health Canada. Hemp-Omega (omega3 and hemp isolate) formulation will be sold to US consumers under the US Farm Bill.

About The OCMX

The OCMX is literally changing how companies and investment funds to generate exposure in the marketplace and raise funds as we know it. The OCMX serves both public and private companies along with investment and mutual funds which need to raise additional funds or gain significant market exposure. It does this by way of connecting the relevant companies, funds, investors, and advisors all in one online transparent portal. The OCMX (P2P Financial Inc.) launched in September of 2009 out of Toronto but has since expanded its operations to include Quebec, Alberta, Manitoba, and British Columbia. The OCMX connects investors and advisors directly with companies and investment funds seeking to raise funds or gain broad market exposure. The OCMX provides an open venue for innovative growth companies and leading investment funds to generate market awareness, raise funds, or connect with investors and advisors. The OCMX provides companies, funds, investors, and advisors instant access to its Online Portal so that they can actively source and connect with their next opportunity, advisor, investor, client, or financing partner.

About CanaQuest Medical Corp:

CanaQuest Medical Corp is a Life Science/Pharmaceutical Company developing health products utilizing cannabinoid molecules and other botanical compounds (pharmaceutical grade). The Company is the industry partner for research and product development with Dr. Steven Laviolette, a professor and neuroscientist, at Western University. The Company’s research is focused on the use of cannabinoids for the development of novel pharmacotherapies for mental health, such as anxiety, depression, addiction, schizophrenia, and Post Traumatic Stress Disorder “PTSD”. CanaQuest’s wholly owned subsidiary, ADC BioMedical Corp, was awarded a cannabis and cannabinoid products, Sales/Purchase, Import/Export license from Health Canada for Medical purposes. The Company won the Go Global Awards, 2019, "Business of the Year – Category of Life Science,” presented by the International Trade Council.

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This news release contains "forward-looking statements" as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, use of proceeds and the development, costs, and results of current or future actions and opportunities in the sector. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, our ability to raise the additional funding we will need to continue to pursue our exploration and development program, and our ability to retain important members of our management team and attract other qualified personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission and OTC Markets.

Paul Ramsay, Co-Founder & President
CanaQuest Medical Corp
Tel.: 416-704-3040 

TD Canada Trust Tower 161 Bay Street, 45th Floor Toronto, Ontario, M5J 2S1
Tel: 1-866-209-6862