Cannabis Therapy and Canna-Pet Enter Exclusive Licensing Agreement
Cannabis Therapy Corp. and Canna-Pet, LLC recently announced that they have entered into an exclusive licensing agreement.
Cannabis Therapy is a development stage company aiming to become a leader in the research, development and commercialization of safe, all-natural, ultra-low THC, cannabinoid-based medicinal therapies and supplements, also known as nutraceuticals. Canna-Pet is a global pioneer of cannabinoid therapy for animals.
Under the agreement, Cannabis Therapy has been granted an exclusive worldwide license rights to Canna-Pet’s currently developed technology and products, as well as the possibility for co-development of future animal health products. Canna-Pet will be eligible for sales and royalties. The deal covers production and sale of animal health and pet products made from hemp, a low-THC cannabis plant and results in the transfer of future revenues, brand identity, management expertise, goodwill, sales materials and customer base form Canna-Pet, LLC to Cannabis Therapy Corp.
“We are thrilled to make this important announcement today,” said Dan Goldfarb, President of Canna-Pet, LLC. “The recession-resistant animal health products industry is projected to reach $12 billion in the USA alone by 2016 and to-date we have made great progress in pioneering an industry segment that we believe is poised to explode globally. Twenty years of animal research mirrors many current human studies indicating that CBD therapies can assist with inflammation, anxiety, comprised immune systems, digestive issues, nausea, chronic pain and seizures. Our relationship with Cannabis Therapy Corp. complements their ongoing human health science R&D efforts while rapidly elevating our core science competency, operational and financial planning well beyond what we have developed to-date.”
One of the greatest challenges of pet ownership is maintaining pets’ health, according to a State of the American Pet Survey. Results show that 41 percent of pet owners have considered or tried various alternative therapies, including nutritional supplements (29%), herbal remedies (7%) and homeopathy (4%). Canna-Pet products were developed in collaboration between Doctors of Veterinary Medicine in six states and an MIT entrepreneur.
“Providing hemp-based, veterinary-grade extracts to the rapidly growing but undervalued over the counter animal health market is simply the first of several revenue streams currently available to us in the medicinal cannabis marketplace. Our commitment to commercialization of an entire suite of products just got a huge and important kickstart, which will aid greatly in our effort to seek out additional sources of capital while operationally fine tuning our development, sales and marketing efforts exponentially,” said Dr. Soren Mogelsvang, President and CEO of Cannabis Therapy Corp.
Source: Canna-Pet, LLC
Last updated: 8/7/14; 10:25am EST
