TORONTO, Feb. 06, 2020 (GLOBE NEWSWIRE) -- CANAQUEST MEDICAL CORP (OTC Markets: “CANQF”) (the "Company" or “CanaQuest”), a developer of novel health products utilizing cannabis, hemp, and botanical extracts, including algae oils, today announced it has applied to Health Canada for approval to produce, sell and export Mentabinol® (THC based, all-natural formulation) under the Cannabis Act.
Approval of the filed application is anticipated in March 2020 and will enable CanaQuest and its Licensed Processor partners, who are capable of formulating, processing, packaging and distribution throughout Canada to initiate sales and global exports 30 days after approval. CanaQuest was awarded a Cannabis Sales/Purchase, Import/Export license from Health Canada through its wholly owned subsidiary ADC BioMedical Corp.
Positive data from CanaQuest’s research and pre-clinical trials is the driver for its first product, Mentabinol®. CanaQuest previously filed an International Patent for Mentabinol®, a Medical Cannabis formulated alternative to other THC products, which addresses anxiety, depression and schizophrenia, while protecting THC users from negative psychiatric side-effects.
Additionally, the Company is in the process of filing an application to get a Drug Identification Number (DIN) for Mentabinol Rx® with Health Canada, under The Food & Drug Act (FDA).
CanaQuest is also beginning discussions with domestic and international Pharma companies to formalize collaboration, production and distribution agreements. With potential Pharma partners, the Company plans to organize Human Trials to prove the efficacy and safety data of Mentabinol Rx® following randomized double-blind, placebo-controlled trials.
The duration of these trials is estimated to be completed within 20 weeks and will be conducted in conjunction with enrolled hospital and clinic patients suffering from anxiety and depression.
Competitive Advantage
The Company has engaged two prestigious Canadian universities to research and develop formulated products. Dr. Steven Laviolette and his team at Western University have developed two master Medical Cannabis formulations. Dr. Laviolette is a neuroscientist and scientific veteran with over 14 years of research experience in the field of mental health and cannabis and has a dedicated scientific team of 13 scientists at Western University.
This partnership gives CanaQuest a tremendous product development resource in the Medical Cannabis sector. The completed pre-clinical lab trials have previously demonstrated compelling results for both THC- and CBD-based products.
About CanaQuest Medical Corp:
CanaQuest Medical Corp is a life science company focused on medical cannabis products. The Company is committed to developing novel health products that utilize cannabis, hemp, and botanical extracts, including algae oils. The Company has engaged two prestigious Canadian universities to research and develop formulated products, which the company is in the process of launching. Our research is focused on the use of cannabis derivatives for the development of our novel pharmacotherapies for mental health, such as anxiety, depression, addiction, schizophrenia, and Post Traumatic Stress Disorder “PTSD”. CanaQuest filed an International Patent on its first game changing discovery, Mentabinol®.
For more information, visit the CanaQuest website at http://www.canaquest.com
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, use of proceeds and the development, costs and results of current or future actions and opportunities in the sector. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, our ability to raise the additional funding we will need to continue to pursue our exploration and development program, and our ability to retain important members of our management team and attract other qualified personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission and OTC Markets.
CANAQUEST CONTACT:
Paul Ramsay, Co-Founder & President
CanaQuest Medical Corp
paul@canaquest.com
Tel.: 416-704-3040