Tel Aviv, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Citrine Global, Corp. (OTCQB: CTGL) is pleased to announce that its subsidiary, Cannovation Center Israel Ltd., has filed in the U.S. Patent & Trademark Office a provisional patent application for "PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT OF SIDE EFFECTS ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS, AND RELATED PRODUCTS".
The invention addresses technologies and solutions to support medical cannabis patients who experience side effects related to their cannabis treatment.
Research shows that many medical cannabis patients experience side effects such as headaches, dry mouth and dry eyes, lightheadedness and dizziness, drowsiness, fatigue, nausea, vomiting, disorientation, hallucinations, increased heart rate, increased appetite, impaired judgement, impaired coordination, and more. Some medical cannabis patients continue treatment despite experiencing side effects, while research shows that at least 15% choose to discontinue treatment despite good clinical outcomes achieved with the cannabis treatment (1.
We found that there is an unmet market need of addressing side effects of cannabis treatment. This need is further emphasized by the projected growth of the medical cannabis market forecasted to nearly triple from $16 billion in 2021 to $46 billion in 2026 )2.
The filing of the patent application advances our ongoing botanical and cannabis-related research and planned clinical trials on wellness to pharma solutions and products.
We developed and commercialized the Green Botanicals product line of nutritional supplements to be offered as complementary products to be sold SIDE BY SIDE with cannabis products & solutions. Our strategy is to market the Green Botanicals nutritional supplements in collaboration with cannabis distribution channels, pharmacies, dispensers, and leading cannabis companies worldwide with all products meeting the relevant regulatory approvals in every territory of sale.
Ms. Ora Elharar Soffer, Citrine Global’s Chairperson and Chief Executive Officer stated: “We filed the provisional patent application for “PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT OF SIDE EFFECTS ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS, AND RELATED PRODUCTS” and following our research of cannabis-related-side-effects we decided to focus on addressing this unmet market need. We already developed the Green Botanicals product line of nutritional supplements that we are launching in Israel and planning to market in collaboration with cannabis distribution channels and leading cannabis companies worldwide as part of our strategy".
About Citrine Global Corp.
Citrine Global Corp. is a U.S. publicly traded company on OTCQB (symbol: CTGL) and has applied for an up listing to Nasdaq.
Citrine Global's business activity is primarily comprised of developing wellness & pharma technologies and solutions for the botanical and medical cannabis industries with the vision of becoming a leading global company in these fields and improve people’s health and quality of life worldwide
Citrine Global created a 5-element strategy to realize the vision to become a leading global company:
- 1st Element - Cannovation Center Platform
- 2nd Element - Developing & Commercializing Wellness & Pharma Products for the Botanical and Medical Cannabis Industries
- 3rd Element - Israeli Technology as a source of innovation for global markets
- 4th Element - Acquiring Companies
- 5th Element - Global Network & Market Potential
Citrine Global has a strong foothold in Israel through established contacts with leading universities, researchers, labs, entrepreneurs, and focuses on Israeli technologies as a source of innovation for global markets.
Citrine Global's headquarters and senior management are based in Israel, where the company operates via its 100%-owned-subsidiary, CTGL Citrine Global Israel Ltd., and its 60% owned-subsidiary Cannovation Center Israel Ltd., which is developing:
• Cannovation Center as an ecosystem for the botanical and medical cannabis industries to be built in Israel with Israeli government support. Cannovation Center Israel, a unique platform aimed to create an eco-system for the botanical and medical cannabis industries, was developed by Citrine Global's Israeli subsidiary and is being built in Israel with Israeli government support and is planned to include laboratories for botanical and cannabis research, plant genetics, pharmacological research, product development and facilities for preclinical and clinical trials, certified factories for cannabis, health and wellness products, storage, packaging, distribution, and consultancy services for strategy and business development.
• Technologies and customized solutions for addressing side-effects associated with the use of cannabis, cannabinoids, and cannabis-related products.
• Provisional patent application filed in the U.S. Patent & Trademark Office for" PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT OF SIDE EFFECTS ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS, AND RELATED PRODUCTS".
• The Green Botanicals product line of nutritional supplements to be offered as complementary products to be sold SIDE BY SIDE with medical cannabis products & solutions.
• Clinical Trials: Planned clinical trials on wellness to pharma solutions and products.
1 Kudahl B, Berg ME, Posselt CM, Nordentoft M, Hjorthøj C. Medical cannabis, and cannabis-based medicine show both potential efficacy and potential harms PMID: 34425501
2 Market Data Forecast: Global Medical Cannabis Market Size, Share, Trends, COVID-19 impact, Growth Analysis Report
Website: http://www.citrine-global.com
For inquiries and further information, please contact: info@citrine-global.com
Safe Harbor Statement
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. For example, Citrine Global is using forward-looking statements when it discusses that Cannovation Center Israel Ltd. will create an eco-system that will attract partners, market leaders, companies, and technologies, and will turn Cannovation Center Israel Ltd. into a global center in these fields. These forward-looking statements and their implications are based on the current expectations of the management of Citrine Global and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this communication include but are not limited to trends in target markets; results of clinical trials and other studies, the challenges inherent in new product development initiatives, effects of competition in the Company’s main markets; ability to establish and maintain strategic relationships in its major businesses; our ability to raise additional capital in the future that is necessary to realize our business plan; changes in government policy and regulation, potential litigation by or against us, any governmental review of our product offerings profitability of the growth strategy; and changes in global, political, economic, business, competitive, market and regulatory forces. Except as otherwise required by law, Citrine Global undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Citrine Global, reference is made to Citrine Global’s reports filed from time to time with the Securities and Exchange Commission, including the risk factors specified in our most recent annual report on Form 10-K for the year ended December 31, 2020.
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