Tucson AZ-based Weed, Inc., (BUDZ) just announced that it signed an exclusive “license and assignment” agreement with Yissum, the technology transfer company of the Hebrew University of Jerusalem Ltd., Israel.
Weed, Inc. agreed to license from Yissum certain IP on the delivery of cannabinoids developed by Prof. Elka Touitou of the University. Touitou published the first scientific work on transdermal delivery of cannabinoids in 1988.
Cannabinoids are not easily absorbed by humans, and do not last long. Many companies want to find ways to make it more “bioavailable” to humans to increase efficiency and effectiveness.
Weed Inc’s stock has taken a beating over the last year, losing 80% of its value, falling from $5 a year ago to $1 on March 4, 2019. Much of this can be blamed on management’s not issuing any news about the company over that time.
However, in the past few days, including with this announcement, it has gained 20% to $1.20.
The company does not yet have any revenue. It has 100 million shares outstanding, of which only 20 million are actively trading (float).
Prof. Touitou said, “There is a great demand for pharmaceutical products with improved efficacy and prolonged therapeutic effect. Our new technologies offer solutions for enhanced delivery of Cannabinoids for high therapeutic efficiency in treating patients currently suffering from various diseases.”
Glenn Martin, CEO of Weed, said, “We believe this historic arrangement…for five patent families…will now allow us to move forward… Our researchers are looking to develop efficient products for at least two indications, one of which will be focused on women’s health, using cannabinoids.”
Elliott Kwestel, Director of Weed Israel commented, “Weed Israel is looking to acquire all appropriate licenses with the goal of bringing vertically integrated products to market globally within one year. Further studies in high dosage THC, THC and continuing CBD research are on the horizon.”
Weed will receive the rights after it pays Yissum a multi-million dollar consideration. Weed, Inc. needs to raise additional funds in order to pay the consideration required.
Weed Inc. has also entered into a consulting agreement with Prof. Elka Touitou. He will serve as the chair of Weed’s Scientific Advisory Board and will advise the company on R&D.
The assignment of the five patent families to Weed, Inc. is the first-of-its-kind from cannabinoid research conducted at The Hebrew University of Jerusalem.
Source Weed Inc press release