WEST HILLS, N.Y., June 21, 2013 (GLOBE NEWSWIRE) -- Kannalife Sciences, Inc. ("KannaLife") and Biotech Inc. ("Biotech"), have entered into a 50/50 joint venture agreement through the creation of South Park Ventures, LLC ("SPV"). As part of the Joint Venture agreement, KannaLife has acquired the rights, titles and interests in Cannatol™, a phyto-medical compound, derived principally from a highly standardized, consistent and high yielding organic cannabidiol phyto stock, free from pesticide and mold contaminants in exchange for 1,000,000 shares of KannaLife Sciences, Inc. Common Stock and a capital investment in SPV.
Dean Petkanas, CEO of KannaLife Sciences, Inc. stated, "We are blessed and truly fortunate to have partnered with Jason Cranford and Biotech Inc. in the creation of South Park Ventures. Jason Cranford is one of the top horticultural scientists in the United States and has proven himself time and again as one of the leading experts in the cultivation of naturopathic and botanical medicaments. Two years ago, he was awarded the prestigious Cannabis Cup, held in category for the first time and specifically to entries of cannabidiol (CBD) producing phenotypes. Jason Cranford's award winning specimen was an organically produced cannabis phenotype, hybridized over a three year period and tested with a certificate of analysis recording the highest yielding organic CBD (cannabidiol) yield known to date at over 34%. His botanical research and knowledge of plant variants will play a critical role in the establishment of reference standards for KannaLife's formulary, database and standardization processes for botanical medicaments."
Jason Cranford, CEO of Biotech stated, "Partnering with KannaLife Sciences opens up a window to establishing industry standards for phyto-medical products which includes providing certification, quality control and quality assurance standards for the growing of botanicals for use as medicine. All too often, products are being sold with low qualitative standards and little to no oversight. In the field of cannabis related medicine, there is a widespread problem with contaminated crops being grown by illegal market participants and sub-standard producers. These products are largely in demand by a variety of patients across a pantheon of disease indications, most notably cancer patients. It is vitally important not to compromise chemotherapy with products containing trace elements, mold and pesticides consistently found in low grade untested and unsanitary products. Through South Park Ventures, we believe we will put forth, among other things, a gold standard from seed to sale on cannabis related medicaments."
About Biotech, Inc.
Biotech, Inc. is the creator of Cannatol™, phyto-medical compound, derived principally from a highly standardized, consistent and high yielding organic cannabidiol phyto stock, free from pesticide and mold contaminants.
About KannaLife Sciences, Inc.
KannaLife Sciences, Inc. is a late stage bio-pharmaceutical and phyto-medical company involved in the research and development of novel new therapeutic agents designed to reduce oxidative stress, and act as immuno-modulators and neuroprotectants. KannaLife Sciences currently holds an exclusive license with National Institutes of Health – Office of Technology Transfer ("NIH-OTT") for the Commercialization of U.S. Patent 6,630,507, "Cannabinoids as Antioxidants and Neuroprotectants" (the "'507 Patent"). KannaLife is currently conducting research and development at the Bucks County Biotechnology Center in Doylestown, PA, for a target drug candidate to treat Hepatic Encephalopathy ("HE"). HE is an oxidative stress related disease that affects the cognitive and behavioral functions, and the wellness of the brain.
For more information, please visit the company's website at: www.kannalife.com