LONGMONT, CO--(Marketwired - Mar 21, 2014) - MediJane Holdings Inc. (OTCQB: MJMD) ("MediJane" or "MJMD" or the "Company") is pleased to announce that it has entered into a License Agreement with Phoenix Bio Pharmaceuticals Corporation ("Phoenix Bio Pharm"), a Colorado-based developer of medicinal cannabinoid products and delivery systems for the treatment and management of illnesses.
As per terms of the License Agreement, MediJane has acquired an exclusive North American license for all intellectual property, processes, and expertise related to certain medicinal cannabinoid products and delivery systems developed by Phoenix Bio Pharm and its team.
Medicinal cannabis products falling under the License Agreement include transdermal patches, orally administered extracts, concentrated extracts for vaporizers and inhalers, sublingual and buccal dispensing products and extraction technology, suppository delivery systems, salves, creams, gels, lotions, and liquid extracts, and any products or active ingredients sources through Phoenix Bio Pharm affiliates or third party suppliers or licensors. The Company will also have the right to sublicense the rights and to utilize Phoenix Bio Pharm copyrights for marketing and distribution purposes.
In consideration of the license, the Company issued 26,000,000 restricted shares of its common stock to Phoenix Bio Pharm. These shares were issued pursuant to an exemption from registration relying on the exemption from registration provided for under Rule 506 of Regulation D, promulgated under the United States Securities Act of 1933, as amended.
"We are extremely excited to have completed the acquisition of the exclusive North American rights to Phoenix Bio Pharmaceuticals' innovative medicinal marijuana products and delivery system technologies," commented Ronald Lusk, President of MediJane Holdings Inc. "The market potential for medicinal marijuana products utilizing these new technologies is absolutely enormous and I look forward to implementing our growth strategy and ramping up our marketing efforts in the very near future."
For more information, visit www.medijaneholdings.com
Disclaimer/Safe Harbor: Some information in this MediJane Holdings Inc. (MJMD) press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause MJMD's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to MJMD herein are expressly qualified in their entirety by the above-mentioned cautionary statement. MJMD disclaims any obligation to update forward-looking statements contained in this press release, except as may be required by law.