Exclusive: BioHarvest Partners With DEA-Licensed Cannabis Grower To Supply Marijuana Products To Research Institutions
BioHarvest Sciences (OTCQB:CNVCF) has partnered with Royal Emerald Pharmaceuticals, one of only seven Drug Enforcement Administration (DEA) bulk manufacturing registration holders to grow marijuana in the United States.
Under this partnership, Bioharvest will be allowed to sell its cannabis products to research institutions and other DEA-registered entities in the United States federally. The collaboration also opens the door to advancing cannabis research initiatives through cannabinoid compositions not found in nature.
The news comes on the heels of BioHarvest’s announcement that it could produce unique compositions based on a CBD hemp plant that dramatically increase cannabinoid concentrations (by weight) versus the original plant - 83 times higher THC levels.
Via this new multi-year deal, BioHarvest will be REP’s exclusive provider of cannabis that is produced from non-traditional cultivation methods for scientific, medical, and research purposes across the DEA-regulated U.S. market. As part of the partnership, REP is participating with an initial seven-figure contribution in BioHarvest’s current convertible loan investment instrument that closes on November 15th.
“I have unprecedented confidence in BioHarvest’s platform technology and their unique cannabis compositions especially after visiting their R&D and manufacturing facilities in Israel,” stated Douglas Rosenberg, chief executive officer of Royal Emerald Pharmaceuticals. “Cannabis-derived drugs are at the precipice of a tremendous opportunity right now as traditional pharmaceutical markets transition in search of innovation and technological advancements that are utilizing cannabis to deliver better solutions. Together we are well-positioned for the expected significant increase in U.S. demand for medical-grade cannabis for therapeutic research. I look forward to a productive and mutually prosperous partnership.”
Using a patented technology in which vital plant cells are grown in bioreactors, BioHarvest has the unique ability to produce medicinal-grade cannabis with consistent compositions by increasing, controlling and fine-tuning the concentrations of different major and minor cannabinoids. This could enable researchers to develop previously unattainable cures for major health challenges such as ADHD, pain management, sleep disorders, and anxiety.
“We’re extremely proud to partner with Royal Emerald to pair our breakthrough technology with their mission to revolutionize the cannabis medical research ecosystem by introducing unique and patentable cannabis compositions that are non-addictive and effectively treat a myriad of issues currently ailing our global communities,” BioHarvest CEO, Ilan Sobel, said in a statement. “BioHarvest and REP are committed to developing life-changing solutions for major medical conditions which today are not being adequately treated by existing, chemically synthesized drugs. Imagine what can be accomplished if researchers and the medical community at large are assured of batch-to-batch consistency and the ability to fine-tune the Cannabis based therapy to specific medical indications. That is truly revolutionary.”
BioHarves shares closed Tuesday's market session 13.32% higher at 23 cents per share.