CGB secures global rights to Olivias Choice formulas
Sydney, Dec 10, 2019 AEST (ABN Newswire) - Board of Cann Global Limited (
ASX:CGB) is delighted to announce an agreement to secure the exclusive rights to the IP of the unique medicinal cannabis formulations that have been used by Olivia Newton John in her recent health challenge. With her holistic approach to her stage 4 metastatic breast cancer, Olivia credits these formulations in conjunction with her conventional therapies for her much improved health.
These formulations are known as "XO 27 XP, and ONJ 18 XP and ONJ XO" and are intended to be distributed to the global marketplace under Cann Global's label.
These Cannabis formulations have been uniquely developed, formulated and researched over the past 6 years by Olivia's husband and world-renowned, plant-derived medical formulations expert John Easterling, a non-executive director of Cann Global. The existence of these formulations have recently been widely publicised in the media, by Olivia, to which she attributes, in conjunction with her conventional treatments, much of her recent positive developments in the restoration of her health. Olivia has reported improvements in three main areas: 1) Pain relief 2) Increased mobility 3) Increased healthy blood count numbers. She credits the administering of these formulations, over time, in conjunction with her other conventional treatments, to having also markedly increased her energy and continued wellbeing.
Olivia says, "John's unique cannabis formulas have been a huge help to me with sleep, stress, mood, and of course pain. I was able to wean myself completely off morphine and all pain meds using cannabis which is something I think everyone should know is possible."
"My mobility has increased dramatically. As a complement to my therapies these formulas have been wonderful. All my numbers are moving in the right direction. If you had told me a few years ago I would be talking openly about my experiences with cannabis I never would've believed you, but I feel so strongly about it that I wanted to let it be known and made available for anyone who may require it for medical purposes. In addition, I am aware of others who have tried these formulas who have experienced real benefit too. I would love to see these formulas scientifically studied and proven in a clinical setting."
Utilising the current medical cannabis legislation in Australia and subject to any regulatory approvals and permits that may be required, Cann Global intends to produce these formulas in Australia and make it available to patients as soon as possible through the Special Access Scheme, Medical Cannabis program in Australia, and to also explore its export potential to provide to patients globally. Cann Global also intends to actively support Olivia's wish for clinical trials using these formulas to be conducted with cancer patients.
John Easterling has over 30 years of experience in developing therapeutic products from plants which includes many years of experience in medical cannabis cultivation and products.
He has formulated specific medicinal cannabis products from multiple chemovars that Olivia Newton-John has been using. He founded the Amazon Herb Company in 1990 with his product formulations generating over $100m in revenue worldwide. John has bred a dozen new genetics from the Cannabis plant and his focus is on formulating a broad range of cannabinoid and terpene profiles for therapeutic benefits. John married Olivia Newton-John in 2008 and shares her passion in supporting the continuing growth of the Olivia Newton-John Cancer Wellness and Research Centre in Melbourne. John is an advocate for legislation reform in Australia to allow for wider access for medical Cannabis.
The Deal
The deal between CGB and John Easterling is a cash-free deal and subject to shareholder and any other regulatory approvals that may be required, and based upon a stock-for-stock exchange agreement by and among Cann Global, Plant Matrix Research Pty Ltd (PMRPL) which is the Company that John has set up in Australia which owns the IP, and Botanical Science Pty Ltd (BSPL) an Australian Company controlled by John Easterling which is the 100% owner of PMRPL as a trustee of a trust controlled by John Easterling, set up for the purposes of Cannabinoid Formula Research and Development.
Consideration
In consideration for the Stock-for-Stock Exchange pursuant to the Agreement, and subject to shareholder approval, CGB will transfer to BSPL 50 million CGB Shares simultaneously with the transfer to CGB by BSPL of eighty percent (80%) of the shares of PMRPL. BSPL will retain a twenty percent (20%) ownership interest in PMRPL.
CGB intends to review and assess the optimum funding arrangements for PMRPL to develop commercial opportunities and back the continued research and clinical trials of these products.
Subject to regulatory approvals CGB intends to investigate raising money directly into PMRPL with the view to independently list PMRPL on the ASX in 2020. In the event that Cann Global elects to proceed with this strategy, it is intended that a priority allocation of shares will be reserved for existing shareholders of CGB.
Australian Registrations
With the view to conducting the continued research of his unique formulas in Australia, John Easterling registered these two Australian companies (PMRPL) and (BSPL) in January 2019 to comply with, and meet all the necessary Australian regulatory requirements, and to make the necessary applications in due course to protect the IP in Australia and globally as and when required.
John Easterling, through Plant Matrix Research Pty Ltd, will work closely with Cann Global's Medical Cannabis Research Division, Medical Cannabis Research Group (MCRG) and collaboratively with CGB's Technical Director, Andrew Kavasilas, and Prof. David (Dedi) Meiri at the Haifa, Technion Israel, to further the clinical studies on these formulas.
PMRPL is the exclusive owner of the cannabis based therapeutical formulations which form the basis of the "Intellectual Property" or "IP." All shares of PMRPL are currently owned by BSPL, controlled by John Easterling, who:
- has a wealth of experience in developing therapeutical products from plants, which includes many years of experience in medical Cannabis cultivation and products; and
- has formulated the IP;
The Cann Global Research Team and Company management are most encouraged and excited with this deal which the Board believes will not only be of world health interest, but with the anticipated successful sales in due course, should also bring meaningful income to the Company.
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About Cann Global Limited
Cann Global Limited's (ASX:CGB) primary focus is to legally grow and cultivate hemp to research and develop medicinal cannabis products to service an increasing demand in the Australian and global markets.
Cann Global Ltd has a 100% shareholding in Medical Cannabis Ltd (MCL) and a management agreement with Medcan Australia Pty Ltd (Medcan) which operate a business cultivating, researching, developing and soon to be distributing medicinal cannabis products in Australia. Our Medical Cannabis division has been a key value driver for the Group.
The Group also retains an interest in its existing Bauxite Projects.
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