Executes Option Agreement to acquire a 100% stake in company.
San Diego, California–(Business Wire- November 18, 2011) Medical Marijuana Inc. (OTC: MJNA) is proud to announce the execution of an option to acquire 100% of PharmaSphere, LLC. PharmaSphere, a cutting edge biotechnology company which has a solution for the production of high value bio-compounds sourced from plants that can be used as active pharmaceutical ingredients. The production of transgenic plants (genetically engineered plants) for the biotechnology revolution is the cornerstone of Pharmasphere’s focus and overall development for the plant based medical industry. Pharmasphere holds the exclusive worldwide license for medical herbs from TerraSphere systems.
TerraSphere SystemS (www.terraspheresystems.com) uniqueness for growing plants in environmentally contained and controlled growth environments created the first pharmaceutical grade environment for plant based compounds. These compounds will be used as ingredients for drugs, vaccines, diagnostics, nutraceuticals, cosmeceuticals, and industrial enzymes and materials.
Pharmasphere will install TerraSphere Systems inside retrofitted facilities in order to grow, extract and purify the compounds using environmental friendly technologies. Additional environmental benefits include substantially less water & fertilizer use due to metered dispensing, less waste water or fertilizer discharge due to plant uptake, no chemical pesticides or herbicides, no fuel and oil use by agricultural machinery, along with no transportation of bulk plant materials to distant processing facilities.
A major concern for sellers of natural product drugs, medical herbs, nutraceuticals, and cosmeceuticals is the unreliable supply of top quality active ingredients as the cultivation of source plants in the field and outdoors is erratic and the quality of extracts is uneven. With the TerraSphere System and state-of-the art extraction, purification and quality control technologies, the company can assure its customers a reliable consistent supply of high quality plant based compounds such as Cannabidiol, Vincristine and Vanblastine.
Medical Marijuana Inc., at the moment will be focusing on building Pharmasphere facilities that will cultivate medical herbs such as Madagascar Rosy Periwinkle, which is the source of the generic cancer chemotherapy compounds vincristine and vinblastine. These compounds have worldwide markets for the finished drugs is in excess of $4.5 billion. Once facilities are built and the medical marijuana market is legally accepting of large scale commercialization, the facilities can be transitioned to grow any medicinal herb by simply changing seeds. However, the company does plan on building facilities in countries that legally allow the cultivation of medicinal marijuana and hemp for medical benefits. A few examples of these countries are Israel, China, and France. Medical Marijuana Inc, anticipates closing the purchase prior to the end of the fiscal year.
About Medical Marijuana Inc. (OTC: MJNA)
The world’s first publicly Medical Marijuana company. Our mission is to be the world’s premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate, invest in and purchase value-added sustainable companies, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, pay homage to the visionaries and activists of the past and present, and provide the platform from which the industry can emerge into a global sustainable economy for all. Medical Marijuana Inc. recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
About PharmaSphere Systems, LLC:
PharmaSphere Systems, LLC is a biotechnology company that owns a perpetual worldwide license to utilize TerraSphere Systems technology to produce high-value, plant-based biocompounds for pharmaceutical, cosmeceutical and nutraceutical markets. Using the TerraSphere System allows PharmaSphere to achieve full environmental containment and controlled growth conditions, which result in increased production and reduced per-unit costs compared to traditional production methods. The use of the TerraSphere growth system also gives PharmaSphere Systems, LLC a market advantage through the unprecedented level of control and trace capabilities.
About TerraSphere Systems, LLC:
TerraSphere Systems (www.terraspheresystems.com) is dedicated to building highly efficient systems for growing pesticide-free fruits and vegetables in a controlled indoor environment. TerraSphere’s clean technology helps to promote the sustainable consumption of natural resources by accelerating plant production and maximizing crop yields, while improving environmental footprints through the reduction of carbon emissions and fuel use associated with traditional crop production and distribution. TerraSphere’s unique, environmentally and socially-responsible business model help to facilitate job creation and diverse, community-based workforces. TerraSphere believes its technology can potentially revolutionize access to organic produce for both remote and urban communities, alleviate land management issues for agricultural producers, and ease hunger crises for the world’s growing population.
About Converted Organics Inc.:
Converted Organics (Nasdaq:COIN) (www.convertedorganics.com), based in Boston, MA, is dedicated to producing high-quality, all-natural, organic soil amendment and fertilizer products through food waste recycling. The Company uses its proprietary High Temperature Liquid Composting (HTLC) system, a proven, state-of-the-art microbial digestion technology, to process various biodegradable food wastes into dry pellet and liquid concentrate organic fertilizers that help grow healthier food and improve environmental quality. Converted Organics sells and distributes its environmentally-friendly fertilizer products in the retail, professional turf management, and agribusiness markets.
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