BALTIMORE, MD, April 16, 2019 (GLOBE NEWSWIRE) -- The Greater Cannabis Company (OTCQB:GCAN), a market leader and innovator in the development and commercialization of cannabinoid delivery systems, today announced it has entered into a letter of agreement (LOI) with a major Brazilian retail pharmacy company, CBR Participacoes SA, to market Greater Cannabis Company's eluting patch technology for cannabis in Brazil.
As part of the agreement, CBR Participacoes will distribute the technology to its network of 300 pharmacies and more than 1,500 point-of-sale retailers in the country, serving the Brazil's growing demand and market for cannabis products. The agreement is effectively immediately through 2021.
"We continue to see explosive interest and growth for our technology in Brazil as the country's cannabis market continues to expand at an exponential rate," said Aitan Zacharin, Chief Executive Officer of Greater Cannabis Company. "Our new licensing agreement with CBR Participacoes taps into this and will represent the first of many additional agreements we are currently pursuing," concluded Mr. Zacharin.
Cannabidiol (CBD) has been legalized for therapeutic use since 2015 in Brazil, the largest country in both South America and Latin America, and the fifth largest country in the World. The country began allowing import of CBD oil in products that have potential medical benefit later that year and has continued to advance its legislation and legalization of cannabis to date. Greater Cannabis Company's eluting patch technology meets a global demand for alternative methods of cannabis administration and has demonstrated stability and bioavailability across a broad range of lab studies and clinical studies conducted by the Company. The Company believes it is poised for significant market growth and traction in Brazil as its government is increasingly approving the use of CBD and cannabis products by its citizens.
"After a thorough and diligent search process, we found that Greater Cannabis Company would be the ideal partner for us due to its combined technology, knowledge and expertise in delivery technologies and cannabis products," said Rogerio P. Rabello, Chief Executive Officer of CBR Participacoes SA. "Although there are many innovative and promising solutions in the market, we believe GCANRx's technological advantages are far advanced and will prove to be critical to ensuring the success of a mutually beneficial and long-term relationship," concluded Mr. Rabello.
GCANRx Continues Expanding Across Brazil's Large and Growing CBD Market
Today's announcement demonstrates The Greater Cannabis Company's continued traction and expansion in Brazil. Last week, the Company announced an agreement with leading Brazilian beauty and personal care company Allume Cosmeticos to empower Allume to market and distribute CBD-infused beauty and personal care to its retail partners, distributors and millions of customers across Brazil.
For additional information about The Greater Cannabis Company, please visit www.gcanrx.com.
About The Greater Cannabis Company
The Greater Cannabis Company (OTCQB:GCAN) is a biopharmaceutical company focused on the development and commercialization of innovative cannabinoid delivery systems. Greater Cannabis deploys its patented technology platform for use in the cannabis industry. The Company's conveyance platform can be utilized to deliver cannabinoids without the harmful side effects found with other routes of cannabinoid administration. The technology is versatile in that for the first-time patients can receive lower dosing, enhanced bioavailability, and controlled rapid and delayed release using a fully dissolvable, non-irritant oral eluting patch. Greater Cannabis' mission is to bring our technology to the global market through partnerships with leading cannabis and pharmaceutical companies, for the benefit of patients and consumers. More information on the Greater Cannabis Company and its technology can be found on the Company's website, www.gcanrx.com.
Disclaimer: GCANRx relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve several risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.
The Greater Cannabis Company, Inc.
Source: The Greater Cannabis Company, Inc.