CURE Pharmaceutical Snags DEA License to Manufacture Pharmaceuticals From Cannabis
Shares of CURE Pharmaceutical jumped more than 15 percent Monday ahead of news that the company became the first and only oral thin film company to gain a license from the U.S. Drug Enforcement Agency to manufacture pharmaceuticals using both cannabis plant extracts and synthetic cannabidiol.
This morning, Oxnard, Calif.-based CURE said it was approved for a Schedule I license to manufacture cannabinoid molecules using the whole cannabis plant. This latest licensing from the DEA comes five months after CURE secured a DEA registration as a manufacturer authorized to handle Schedule 1 controlled substances. The license provided the company the ability to manufacture cannabinoid-based pharmaceutical products using its CUREfilm technology. Schedule I substances are classified as drugs with no currently accepted medical use and a high potential for abuse, which has made it difficult for U.S.-based companies to develop and test products that will expose the pharmacological applications of cannabis.
Today, CURE said it will use the cannabis plant products for use in its CUREfilm technology. With the Schedule I license, CURE said it is now positioned to be a leader in the extraction and purification of cannabis plant material, such as hemp, as well as subsequent processing of cannabis extracts for drug formulation.
According to the U.S. DEA drug classification lists, the entire cannabis plant is covered by the code, even the extracts that are not associated with the euphoric use. The drug code also covers the use of cannabis extracts. But with the new license, CURE has the right to manufacture pharmaceuticals based on both the natural cannabis plans, as well as synthetic cannabinoids produced by chemical synthesis. The company’s latest patent covers the extraction and fractioning of bioactive cannabinoid molecules such as tetrahydrocannabinol (THC) and CBD from the cannabis plant, allowing the integration of these molecules into a dosage form, such as CUREfilm.
CUREfilm, which is manufactured at the company’s Oxnard facility, is ideal for the delivery of cannabinoids, the company said. The technology offers increased bioavailability, ease and precision of dosing, as well as greater palatability, CURE said in its announcement. Cannabinoids are chemical compounds found in plants, such as cannabis, that interact with the body’s endocannabinoid system. The endocannabinoid system is recognized as an important modulatory system in the function of the brain, endocrine and immune tissues.
Rob Davidson, chief executive officer of CURE, said the Schedule I license will be a game-changer for the company. He said the approval from the DEA will allow the company to take advantage of its latest patent for the extraction and purification of cannabis plant material and expands the potential formulations the company can develop. Coupled with the company’s “growing patent estate and proprietary manufacturing process,” the new license will extend the company’s competitive advantage and bring it closer to “bringing breakthrough pharmaceuticals to consumers,” Davidson said in a statement.