Independent Valuation of U.S. Patent Number 9,763,991 for Cannabinol (CBN) Initiated as Cannabis Science Negotiates Licensing and Marketing Deals in Canada and the USA to Develop and Sell CBN Products Utilizing the Company’s Patent
IRVINE, CA, April 15, 2019 (GLOBE NEWSWIRE) --
Cannabis Science, Inc. (CBIS), a U.S. company specializing in the development of cannabinoid-based medicines, announces that it is in current negotiations to license the Company’s U.S. patent number 9,763,991 for the Compositions of Cannabinol (CBN) for Treatment of Various Neurobehavioral Disorders, including Anxiety, Sleep Disorders, PTSD and more. The U.S. market for sleep disorder products alone was estimated at over $28 billion in 2017 and is expected to grow by 3.3% annually. After 2023, this market is expected to grow at an annual rate of approximately 4.7%.
The Company is in the process of getting a third-party, independent valuation to establish the value of its CBN patent for the Canadian, U.S., European, and global markets for the purpose of licensing other organizations to develop and sell CBN product lines under the protection of the Company’s U.S. patent. This validation is a required step when dealing with larger organizations for such a potentially large transaction.
As part of the asset valuation process, Cannabis Science is reviewing similar licensing and marketing deals made by its competitors, including GW Pharmaceuticals. In 2003, GW Pharmaceuticals received an initial, £5 million payment from Bayer AG for the exclusive distribution right to sell, offer for sale, market, promote and distribute Sativex in the UK. Sativex is a whole plant-based mouth spray manufactured by GW Pharmaceuticals used to treat certain multiple sclerosis (MS) symptoms. Information on this licensing and distribution agreement, as filed with the Securities and Exchange Commission (SEC), can be viewed at:
The Company is assessing and verifying comparable licensing and distribution agreements, as well as projections, and intends to announce more details shortly.
Cannabis Science’ invention relates to a composition for use of CBN in the treatment of neurobehavioral disorders utilizing various Cannabis plant extracts comprising CBN preferably with other constituents of this plant for such use and a method for the extraction of plants. The plants or plant parts may for instance be derived from Cannabis Sativa and/or Cannabis Indica and/or Cannabis ruderalis and/or other elements, and mixtures thereof. The plant extracts derived showed particularly beneficial effects against Sleeping Disorders, in particular Insomnia, Post Traumatic Stress Disorder (PTSD), and anxiety disorders including Attention Deficit Hyperactivity Disorder (ADHD).
“If it was a patent for CBD products, we can all imagine what that could be worth!” stated Mr. Raymond C. Dabney, Cannabis Science’ President, Chief Executive Officer (CEO), and Co-founder. “However, we certainly believe we are ahead of the curve on this one! There are so many products we are developing for current market conditions for sleep deprivation, anxiety, PTSD, and many more neurological conditions that fall under this Patent. We expect the first product line to include pills, drinks, and sublingual tablets and strips. Our formulations, product testing, and manufacturing and packaging will be split between several facilities in the United States and Canada. Africa and European production should commence after we launch in North America this Spring/Summer.
“We have been in licensing discussions with several companies; a couple in Europe, a couple in the USA, and we are progressing to serious discussions with a group in Canada, hence the appraisal. Significant capital has been flowing into the industry through Canada, and a clear trend is the influx of American companies going public in Canada to raise money for their U.S. cannabis projects,” added Mr. Dabney.
According to the Centers for Disease Control and Prevention (CDC), adults who were short sleepers (less than 7 hours of sleep per 24-hour period) were more likely to report being obese, physically inactive, and current smokers compared to people who got enough sleep (7 or more hours per 24-hour period). Additionally, adults who were short sleepers (less than 7 hours per 24-hour period) were more likely to report chronic health conditions compared to those who got enough sleep (7 or more hours per 24-hour period). These chronic health conditions included Heart Attack, Coronary Heart Disease, Stroke, Asthma, Chronic Obstructive Pulmonary Disease (COPD), Cancer, Arthritis, Depression, Chronic Kidney Disease, and Diabetes. For more information on Sleep and Sleep Disorders, please visit the CDC’s website at https://www.cdc.gov/sleep/data_statistics.html.
According to a 2004 World Health Organization study on sleep and health in Europe, epidemiological data suggests that about 30 to 35% of the general population complain about sleep problems and 9% to 11% suffer from chronic insomnia. In Canada, some research estimates that up to 40% of Canadians could potentially experience a sleep disorder in their lifetimes. “The research we’ve seen on sleep disorders globally suggests this is a huge problem for so many people,” added Mr. Dabney. “Cannabis Science has a significant opportunity to enter a multi-billion-dollar market with new and innovative products. If we execute this properly, Cannabis Science can be a leader in this growing market.”
About Cannabis Science, Inc.
Cannabis Science’s primary objective is to research and develop U.S. Food and Drug Administration (FDA)-approved, cannabinoid-based medicine to fight a number of targeted critical ailments, including various Cancers, Neurological Conditions, PTSD, Sleep Deprivation, Chronic Pain, HIV/AIDS, Autism, Parkinson’s Disease, Epilepsy, COPD, and others. CBIS and its collaborators are well underway on a number of research projects targeting Lung Cancer, Pancreatic Cancer, Chronic Pelvic Pain, and Oro-bucco-lingual Dyskinesias.
Cannabis Science, Inc. takes advantage of its unique understanding of metabolic processes to provide novel treatment approaches to a number of illnesses for which current treatments and understanding remain unsatisfactory. Cannabinoids have an extensive history dating back thousands of years, and currently, there are a growing number of peer-reviewed scientific publications that document the underlying biochemical pathways that cannabinoids modulate. The Company works with leading experts in drug development, medicinal characterization, and clinical research to develop, produce, and commercialize novel therapeutic approaches for the treatment for illnesses caused by infections as well as for age-related illness. Our initial focus is on cancers, HIV/AIDS, and neurological conditions. The Company is proceeding with the research and development of its proprietary drugs as a part of this initial focus: CS-S/BCC-1, CS-TATI-1, and CS-NEURO-1, respectively.
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing words such as "anticipate," "seek," intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based drugs. Cannabis Science, Inc., does not undertake any duty nor does it intend to update the results of these forward-looking statements. Safe Harbor Statement. The Private Securities Litigation Reform Act of 1995 provides a 'safe harbor' for forward looking statements. Certain of the statements contained herein, which are not historical facts are forward looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.