NEW YORK, March 7, 2013 /PRNewswire/ -- KannaLife Sciences, Inc. ("KannaLife") the phyto-medical company that specializes in the research & development of pharmacological products derived from botanical sources, announced today the entry into Series A financing totaling $1.5 million.
The investment is led by and Medical Marijuana Inc. (OTC: MJNA) and CannaVest Corp. (OTC: FCLS).
"From KannaLife's exclusive license with NIH to its years in development of standardization in packaging cannabis based products, lends a perfect fit for the Medical Marijuana Inc., family of
companies. Particularly, the NIH exclusive license in our opinion is a true industry game changer. Our investment in KannaLife helps further build our pipeline of patented cannabinoid based medical products. In the very near future, it is patents such as this that we believe will determine a company's future success in the cannabis based pharmaceutical industry." Michelle Sides, Chairman and Chief Operating Officer of Medical Marijuana Inc.
"The investments being made into KannaLife by CannaVest and MJNA go well beyond the actual dollars and cents.CannaVest and MJNA have paved highly sensible commercial inroads in
the field of phyto-medics, and principally in the area of cannabinoid based medicaments. We are delighted to be part of the long range plans of both CannaVest and MJNA." Dean Petkanas, Founder and Chief Executive Officer of KannaLife Sciences, Inc.
"The companies work in the standardization of cannabis based products packaging, testing and identification is clearly where the industry is heading. We believe that KannaLife will be able to deploy its proprietary technology for standardization to markets that CannaVest and MJNA are currently in." Michael Mona, President of CannaVest
"From KannaLife's inception, we have positioned ourselves as a innovative company focused on meeting the needs of a new paradigm shift in phyto-medicine. We believe this partnership lends to a great new opportunity and forward thinking approach to create standardization in this industry and beyond it." Thoma Kikis, Founder and Chief Visionary Officer of KannaLife.
About Medical Marijuana Inc. (OTC: MJNA):
Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value. For more information, please visit the company's website at: www.MedicalMarijuanaInc.com
About CannaVest (OTC: FCLS):
CannaVest is in the business of developing, producing, marketing and selling end consumer products containing the hemp based compounds with a focus on Cannabidiol (CBD). We seek to take advantage of an emerging worldwide trend to re-energize the production of industrial hemp and to foster its many uses for consumers. CBD is derived from hemp stalk and seed. This legal substance can be used with foods and nutritional supplements for consumer health and wellness benefits as well as in the pharmaceutical industry. The company anticipate launching our first product to large commercial buyers in early 2013, and having products on the market available to consumers shortly thereafter.
About KannaLife Sciences, Inc.
KannaLife Sciences, Inc. is a late stage bio-pharmaceutical and phyto-medical company involved in the research and development of novel new therapeutic agents designed to reduce oxidative stress, and act as immuno-modulators and neuroprotectants. KannaLife Sciences currently holds an exclusive license with National Institutes of Health Office of Technology Transfer ("NIH-OTT") for the Commercialization of U.S. Patent 6,630,507, "Cannabinoids as Antioxidants and Neuroprotectants" (the "'507 Patent"). For more information, please visit the company's website at: www.kannalife.com
SOURCE KannaLife Sciences, Inc.