lawsuit

CannapharmaRx, aka Golden Dragon Holding Company (stock symbol GDHC) Directors Gerald E Crocker, Robert “Bo” Liess, Mat Sherwood and James Smeeding are added to a lawsuit for Conspiracy and other counts

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Tampa, FL – The Board of Directors of CannapharmaRx, also known as Golden Dragon Holding Company, (stock symbol GDHC), have been added to multiple counts of the complaint filed by Gary M Cohen, the Founder, ex-President, Chief Operating Officer, and member of The Board of Directors.

Gerald E Crocker of Swedesboro, NJ, Robert “Bo” Liess of Plant City, FL, Mat Sherwood, of Silverthorne, CO, and James Smeeding, of Dallas, TX have all been added to the suit filed in Hillsborough County, Florida,  in addition to Gary Herick, of Edwards Co.

Cohen alleges that the Board of Directors conspired to wrongfully discharge him and steal his 2,250,000 shares of stock that was issued to him in the company after he attempted to have Herick removed as Director and Chairman of the Board, and requested the Board of Directors take immediate action for corporate wrong doings, breaches of duty, as well other allegations including equitable accounting, breach of duty of good faith, duty of loyalty & duty of care, abuse of control, conversion, misappropriation of business opportunities, and defalcation.

Cohen has also added additional counts to the complaint, including tortious interference with advantageous business relationships, conspiracy, ouster, and is also suing for being wrongfully terminated, which he called  a retaliatory personnel action in violation of Florida’s Whistleblower Act, 448.102(3), Florida Statutes. Other counts included breach of written contract, and breach of both implied in-law and in-fact contracts.

For a full copy of the suit, see Hillsborough Court # 14-CA-010970

Contact: Gary Cohen 813 416 5300, [email protected]

Source: National Association of Cannabis Pharmacy

Medical Marijuana

Iowa Pharmacy Board Postpones Decision on Marijuana Reclassification

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The Iowa Board of Pharmacy delayed its decision on the potential reclassification of marijuana until January.

On Monday, a subcommittee of the Iowa Pharmacy Board met and heard from advocates and opponents of reclassifying marijuana from a Schedule I, the most dangerous, to a Schedule II classified drug. On Wednesday, the subcommittee recommended reclassifying the drug as a Schedule II drug, due to its therapeutic benefits and a new Iowa law that legalized the use of an oil found in the marijuana plant for the treatment of patients suffering from intractable epilepsy.

The recommendation from the subcommittee also seeks to clarify marijuana’s classification in Iowa code. According to the recommendation, as a result of old experimental research programs, marijuana is classified as both Schedule I and Schedule II in Iowa.

The full state Board of Pharmacy tabled the recommendation of reclassification, in order to have more time to think about the decision. The Board Chairman Ed Maier said that the delay is primarily due to the fact that federal law and state law would be in conflict. The board voted unanimously to table the decision until its January meeting, which will be held in the first week of the month.

If approved in January, the recommendation would go to legislature for approval. If passed by legislature, it would be sent to the governor.

In 2010, the board recommended reclassifying marijuana as a Schedule II drug, however, lawmakers did not take action on the matter.

Last updated: 11/20/14; 2:10pm EST

Peake

Georgia Lawmaker Prefiles Medical Cannabis Bill

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Georgia lawmakers are moving forward with efforts to legalize a form of medical cannabis.

State Rep Allen Peake, R-Macon, pre-filed a legislation that would allow residents to legally access a non-smokable medical marijuana with limited levels of tetrahydrocannabinol (THC), the compound in cannabis that makes users high. The legislative would allow individuals to obtain cannabidiol oil, a liquid medicine derived from cannabis, which would offer relief to individuals suffering from certain conditions.

Peake has dubbed the bill “Haleigh’s Hope Act,” named after a five-year old girl who has suffered from seizures. The details of the bill are still being worked out, however Peake said that it would legalize the cannabis oil for those who suffer from conditions such as seizure disorders, cancer and glaucoma.

Earlier this year, Peake fought to legalize the use of cannabidiol by children suffering from certain seizure disorders. However, the bill ultimately failed after stalling in the final hours due to last-minute changes that tied a Senate measure requiring autism treatment coverage for young children.

If Georgia passes the new legislation, it would join the more than 30 states with some form of marijuana law.

Without access to medical marijuana, some families have relocated to gain legal access to cannabis-based medications that have showed therapeutic benefit for various disease states, particularly in patients with severe seizure disorders. Peake said that he knows of at least 15 families that have left Georgia for other states. He also said that three children have died since the state lawmakers failed to pass the measure.

A joint legislative study committee has been researching the issue since August. Peake hopes to provide more details next month.

Last updated: 11/20/14; 12:15pm EST

partnership

Generex Announces Collaboration for Development of Medical Cannabis Products

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Drug delivery systems and technologies developer Generex Biotechnology Corporation recently announced that it has entered into a non-binding Letter of Intent (LOI) to license its proprietary RapidMist drug delivery technologies to CannaScience Innovations Inc.

CannaScience would use the platform to deliver medical cannabis derived from products into the bloodstream through the buccal membrane. The RapidMist drug delivery platform administers drugs directly into the mouth as a metered dose spray for rapid absorption by the buccal mucosa. Generex’s most advanced product in development using RapidMist is Generex Oral-lyn, which is an insulin spray for the treatment of Type I and Type II diabetes. It is a safe, simple, fast and effective alternative to subcutaneous injections of prandial insulin.

The co-development arrangement with CannaScience is intended to develop products initially for the Canadian medical cannabis market. The current LOI contemplates a significant royalty stream to Generex. CannaScience will be responsible for costs to develop, manufacture and commercialize the products. Products developed under this arrangement may potentially be commercialized in international markets.

CannaScience is an R&D biopharmaceutical company established to conduct research and product development for formulations and extracts related to medical cannabis and its derivatives. The company is developing proprietary technologies and owns know-how related to the chemistry and pharmacology of cannabinoids and potentially how they integrate with various medical devices and drug delivery technologies. CannaScience intends to develop commercial ready products and obtain approval from regulatory authorities for RapidMist in the Canadian and international jurisdictions.

Both Generex and CannaScience believe that absorption of cannabis-derived products through the buccal membrane offers advantages to alternative routes of administration, including a faster onset of activity compared to oral administration, higher level of control for dosing and more predictable absorption and pharmacodynamics.

The companies are still in early-stage discussions and the LOI does not assure that the companies will enter into a license agreement.

Source: Generex Biotechnology Corporation

Last updated: 11/20/14; 10:45am EST