Medical Marijuana, Inc. Provides Update on its Pharmaceutical Initiatives

Rhea-AI Summary

Medical Marijuana, Inc. (OTC: MJNA) has announced a corporate update focusing on pharmaceutical investments aimed at novel therapies for large and rare disease markets. The company aims to enhance shareholder value through innovation in both nutraceutical and pharmaceutical cannabis applications. In Brazil, it is pursuing drug registration as CBD is approved for medical use. Additionally, its investment in Neuropathix has secured a $2.97 million NIH grant for clinical studies on neuropathic pain treatment with its lead compound KLS-13019, while AXIM Biotechnologies is advancing its diagnostics for Dry Eye Disease with FDA-approved tests.

Positive

• Company expanding pharmaceutical investments targeting novel therapies.
• Strategic focus on CBD drug registration in Brazil to enter medical market.
• Neuropathix received $2.97 million grant from NIH for pain management clinical studies.
• AXIM Biotechnologies acquired FDA-approved diagnostic tests for Dry Eye Disease.

Negative

• None.

SAN DIEGO, CA, April 07, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire –  Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands, and supply chain, is pleased to provide a corporate update on its pharmaceutical investments targeting novel therapies for unmet medical needs in large and rare disease markets.

“As a ‘Company of Firsts, Medical Marijuana, Inc. has been widely recognized as a pioneer in the supplements market with its high-quality cannabidiol (CBD) products but we also want our supporters to know that we’ve been hard at work to support our investments that are focused on innovation in the pharmaceutical industry,” said Medical Marijuana, Inc. CEO Blake Schroeder. “Our overarching goal is to bring wellness to people around the world and bring tremendous value to our shareholders by focusing our efforts and investments on both the nutraceutical and pharmaceutical applications of cannabis and its derivatives.”

Medical Marijuana, Inc.

Over the past five years, Medical Marijuana, Inc. has been working hard to connect and build meaningful relationships with medical professionals throughout Brazil and Mexico.  In Brazil, CBD is currently permitted only for medical use with authorization from the country’s National Sanitary Surveillance Agency (Anvisa), and a doctor has only made a prescription once. The Company is laying the groundwork to seek a drug registration in Brazil. More updates to this initiative are expected in the latter part of this year and into next year.

Investment Company Neuropathix Gains Momentum for Pain Program

Neuropathix (OTCQB: NPTX), a major investment of Medical Marijuana, Inc. and a socially responsible pain management life sciences company, is focused on the treatment of neuropathic pain, a condition that nearly 16 million Americans suffer from every year. Neuropathix's wholly-owned subsidiary, Kannalife Sciences, Inc., received a $2.97 million grant from the National Institutes of Health (NIH) HEAL Initiative for IND enabling studies and the furtherment of its clinical program for KLS-13019, its globally patented, cannabinoid-derivative compound. KLS-13019 is a lead drug candidate for the treatment of neuropathic pain and a potential alternative to opioids.

Neuropathix continues to move forward in preparation of an IND filing for the use of KLS-13019 in chemotherapy-induced peripheral neuropathy (CIPN). KLS-13019 has shown evidence in pre-clinical animal studies of prevention and reversal of neuropathic pain associated with chemotherapy. The next two major steps in 2022 for Neuropathix will be the successful completion of the first leg of commercial scale-up and a drug discrimination study in animals.

Investment Company AXIM Biotechnologies Achieves Significant Milestones in Dry Eye Disease Diagnostics

AXIM Biotechnologies (OTCQB: AXIM), another major investment of Medical Marijuana, Inc. and an international healthcare diagnostics company, has recently made noteworthy progress in its Dry Eye Disease (DED) diagnostics program. It is estimated that DED affects approximately 6.8% of the U.S. population.

AXIM has acquired two ophthalmic diagnostic lab tests that have already received FDA-approval for use and commercial sale. These tests, which are designed to assist eye-care physicians in detecting and quantifying a variety of biomarkers associated with external ocular disorders, measure Lactoferrin, a protein contained in tears that protects the ocular surface with its antimicrobial and anti-inflammatory properties, and Ocular Immunoglobulin E (IgE), a key biomarker primarily associated with Dry Eye Disease.

AXIM has also successfully developed a rapid quantitative tear test for MMP-9, an inflammatory biomarker for Dry Eye Disease, for which the company will be seeking FDA-Approval. The test is a first of its kind as there are no other qualitative tear tests that measure the levels of this biomarker in human patients. 

In 2022, AXIM aims to conduct numerous field and clinical studies for its MMP-9 test and bring its Lactoferrin and IgE tests to market. After completing the required studies, AXIM intends on submitting its application for the test to the FDA.

To learn more about Medical Marijuana, Inc. and stay up-to-date with the accomplishments of its portfolio companies, please visit https://investors.medicalmarijuanainc.com/.

About Medical Marijuana, Inc.

We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Neuropathix. Medical Marijuana, Inc. was named a top CBD producer by CNBC in 2019. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. The company's flagship product Real Scientific Hemp Oil has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy.

Medical Marijuana, Inc.'s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To see Medical Marijuana, Inc.'s corporate video, click here.

FORWARD-LOOKING DISCLAIMER

This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.

FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE

These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.

LEGAL DISCLOSURE

Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.

CONTACT:

Public Relations Contact:
Kathryn Brown
PR Account Director
CMW Media
P. 858-264-6600
kathryn@cmwmedia.com
www.cmwmedia.com

Investor Relations Contact:
P. (858) 283-4016
Investors@medicalmarijuanainc.com

FAQ

What is Medical Marijuana, Inc.'s latest update on its pharmaceutical investments?

Medical Marijuana, Inc. has announced its focus on pharmaceutical investments targeting novel therapies for unmet medical needs in large and rare disease markets.

What grant has Neuropathix received related to Medical Marijuana, Inc.?

Neuropathix has received a $2.97 million grant from the National Institutes of Health for clinical studies on neuropathic pain treatment.

What is the significance of Medical Marijuana, Inc.'s drug registration efforts in Brazil?

The company is seeking drug registration in Brazil where CBD is currently approved only for medical use, potentially expanding its market presence.

What advances has AXIM Biotechnologies made in medical diagnostics?

AXIM Biotechnologies has made significant progress in its diagnostics program for Dry Eye Disease, acquiring FDA-approved tests and developing a rapid tear test for MMP-9.