NEW YORK, NY--(Marketwired - Jan 3, 2017) - Tauriga Sciences, Inc. (OTC PINK: TAUG) ("Tauriga" or the "Company"), a company engaged in building businesses in the life sciences space, today announced it has completed the formulation, graphics, and packaging for its proprietary CBD infused Roll On product for muscle tension relief, branded and trademarked under the name RolLeaf. As previously disclosed, the Company is forming a new subsidiary called ColluMauxil Therapeutics LLC ("ColluMauxil") to focus on the development, marketing, and licensing of non-opioid products and product lines that specifically target muscle tension, a key component of pain. From a logistics standpoint, the Company believes the RolLeaf product(s) will be ready for marketing and distribution to the retail marketplace during the 1st calendar quarter of 2017.
A key ingredient of the product is cannabidiol (CBD) isolate, which is 99+% pure, anhydrous (crystalline) cannabidiol (CBD) that is extracted from hemp. Because the Company's formula utilizes 99+% pure CBD isolate that contains no THC, the Company formulated the RolLeaf product(s) with the expectation that sales of this product would be legal in all 50 states, South America, Europe and Australia.
On December 14, 2016 the United States Drug Enforcement Agency (the "DEA") added a notice to the Federal Register that quietly informed the public that it had established "a new drug code for marihuana extract." The DEA's argument is that the agency is entitled to regulate CBD oil because all extracts contain trace amounts of THC, the active ingredient in cannabis which remains illegal at the federal level.
As a result Tauriga sought legal advice from several reputable law firms and legal sources to ensure that its shareholders are protected and that the Company complies with all federal and state regulations. After careful legal review, the Company believes at this time, that RolLeaf remains legal to sell throughout the United States. Specifically Section 7606 of the 2014 Congressional Farm Bill (H.R. 2642 - Agricultural Act of 2014 of the 113th Congress) defines hemp as distinct from marijuana and is therefore removed from the definition as a controlled substance when grown under a compliant state program. Additionally cannabidiol (CBD) is not listed on the federal schedule of controlled substances and the Final Rule published on December 14th by the DEA was not a scheduling action but rather an administrative action related to record keeping. However in light of these recent events, the Company believes that there may be increased risk in the future (with respect to CBD) due to the DEA's recent categorization efforts.
It should also be noted that Tauriga has obtained 3rd party laboratory certificate of analysis (COA) confirming that the CBD isolate used in formulating RolLeaf is both pure and within the guidelines of what is currently legal to sell in the United States.
Tauriga's CEO Seth M. Shaw expressed, "The Company has been excited about the prospects of a commercial launch of its CBD infused Roll On product. Over the past few weeks, there has been significant potential interest expressed to the Company from both distributors and retailers alike. The Company has worked diligently to complete what it believes to be an excellent product with a focus also on the graphics, logo, and packaging to enhance attractiveness. Due to the DEA's December 14th proclamation, the Company has been extremely cautious and diligent in understanding and complying with the legal landscape and potential future consequences to launching a product such as RolLeaf. The Company will continue to follow developments very closely and fully commits to its shareholders that it will work to comply with all federal or state laws in its efforts to build potential long term businesses and revenue streams."
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (OTC PINK: TAUG) is a current reporting life sciences company engaged in the development, marketing, distribution and potential licensing of a broad array of products and technologies that may help individuals who are affected by muscle tension. The Company is also continually evaluating products and technologies in the Natural Wellness space, separate from its core focus on muscle tension. The Company has already identified potential products and technologies of interest and is actively working towards the goal of creating an innovative product line to launch the business activities of ColluMauxil Therapeutics LLC, the Company's previously announced new planned wholly-owned subsidiary. The Company believes that one of its most important strengths is its access to and relationships with potentially substantial distribution systems and networks. The Company intends to capitalize on distribution opportunities and will continually update shareholders on such developments. The Company is also prosecuting (as Plaintiff) its ongoing malpractice lawsuit against its predecessor audit firm, for which it's seeking monetary damages in excess of $4,000,000 USD.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Any securities offered or issued in connection with the above-referenced merger and/or investment have not been registered, and will be offered pursuant to an exemption from registration.
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation: expectations, expects, anticipates, believes, hopes, beliefs, plans and objectives regarding matters included in this press release, including but not limited to the marketing and production of its RolLeaf product(s) and the laws relating to CBD oil. Such forward-looking statements are based on present circumstances and on Tauriga's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which Tauriga has little or no control. Such forward-looking statements are made only as of the date of this release, and Tauriga assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by Tauriga with the Securities and Exchange Commission. This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Securities Act and applicable state securities laws.