Greater Cannabis Company, Inc. (OTC Pink: GCAN) is a biopharmaceutical company focused on the development and commercialization of innovative delivery systems for the Cannabis market. Shares jumped 23.08% through early trading on Monday, January 7, 2019. Over the past month, Greater Cannabis has seen an average daily volume of 196,917 shares. However, through Monday morning, already 585,900 shares have traded hands, equating to $93,750 in dollar volume.
Shares surged Monday morning after Greater Cannabis announced it has entered into a letter of intent with iCAN (Israel Cannabis, Ltd). Under the agreement, Israel Cannabis will provide Greater Cannabis with commercial-ready formulations to expand their eluting patch platform into 14 countries around the world. The eluting patch platform is “an innovative delivery system, which uses a patented mucoadhesive and multilayered orally dissolving thin film to deliver a precise dose of cannabinoids into the body through the buccal mucosa.” Aitan Zacharin, CEO of Greater Cannabis Company, commented, “We are excited to establish this important partnership in the medical and adult-use cannabis industry. We are focused on transactions that will accelerate commercialization of our products, and the iCAN deal does that globally.” Here is the full press release detailing the partnership between iCAN and Greater Cannabis:
Greater Cannabis Company, Inc. Press Release:
Baltimore, MD, Jan. 07, 2019 (GLOBE NEWSWIRE) — The Greater Cannabis Company, Inc. (OTC: GCAN) (“the Company”), a biopharmaceutical company focused on development and commercialization of innovative delivery systems for the Cannabis market is pleased to announce that it has entered into a letter of intent with iCAN Cannabis to expand distribution of its eluting patch platform into key global markets. The eluting patch platform is an innovative delivery system, which uses a patented mucoadhesive and multilayered orally dissolving thin film to deliver a precise dose of cannabinoids into the body through the buccal mucosa. Clinical studies funded in part by the National Institutes of Health (NIH) have shown the delivery system’s capability in achieving higher bioavailability and desired results in the body using lower, and controlled, dosing when compared to other routes of administration.
The agreement with iCAN will include commercial ready formulations to meet medical and recreational market demands. Distribution and marketing rights for iCAN will include Israel, Australia, South Africa, Netherlands, South Africa, Mexico, Colombia, Panama, Germany, Austria, Switzerland, Malta, Macedonia, and Portuguese territories.
iCAN is a global company focused on the cannabis ecosystem. iCAN operates a global platform for distribution of cannabis products through its iCAN Serve unit with an expansive footprint. iCAN also holds a portfolio of companies including CannRx, an extraction and formulation business and CMTREX, a commodities trading platform for the cannabis industry, CannaTech, the leading producers of global cannabis conferences focused on research, science, and innovation, and endoCRO, a contract research organization spearheading therapeutic focused studies.
Industry leader and CEO of iCAN, Saul Kaye, said of the transaction, “I am very excited about the prospect of offering GCAN’s products through our many distribution channels.” “I have seen many groundbreaking innovations come through our CannaTech conferences, and the eluting patch technology was a platform I was particularly impressed with. I believe this technology can redefine how consumers think about cannabis. From the lower dosage form, to the controlled and slow release mechanisms, and the ability to use it anywhere, I believe the product will resonate really well with consumers and generate rapid traction in the markets we intend to bring it to.”
Aitan Zacharin, CEO of Greater Cannabis said, “I am pleased to announce our partnership with iCAN. Saul is an industry leader who is at the forefront of everything tech in cannabis. His desire to partner with us is a testament to the strength of our technology, and its capabilities. We are excited to establish this important partnership in the medical and adult-use cannabis industry. We are focused on transactions that will accelerate commercialization of our products, and the iCAN deal does that globally.” “iCAN shares our enthusiasm for seeing healthier, standardized, pharmaceutical-grade, and more cost-effective cannabis products introduced into the market. We look forward to working with iCan to bring our cutting-edge technology to consumers worldwide.”
About iCAN: Israel-Cannabis
iCAN: Israel-Cannabis is a leading Israeli developer of cannabis-based formulations, clinical trials and cannabis testing. iCAN is committed to accelerate Israel’s Canna-Technology industry, capitalizing on Israeli innovation and a leading cannabis regulatory environment to bring premier products to market. iCAN is powered by CannaTech, the premier international cannabis summit held annually in Tel Aviv, and around the world including London, Sydney, Hong Kong and now Panama in 2019.
About Greater Cannabis:
Greater Cannabis is a biopharmaceutical company focused on the development and commercialization of innovative cannabinoid delivery systems. Greater Cannabis deploys its licensed, patented technology platform for use in the cannabis industry. The Company’s conveyance platform can be utilized to deliver cannabinoids without the harmful side effects found with other routes of cannabinoid administration. The technology is versatile in that for the first-time patients can receive lower dosing, enhanced bioavailability, and controlled rapid and delayed release using a fully dissolvable, non-irritant oral eluting patch. Greater Cannabis’ mission is to bring our technology to the global market through partnerships with leading cannabis and pharmaceutical companies for the benefit of patients and consumers. More information on the Greater Cannabis Company and its technology can be found on the Company’s website, www.gcanrx.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, filed with the Securities and Exchange Commission and available at www.sec.gov.
Article By: Andrew Rego