Smokefree Innotec Confirms Joint Venture with Cannabis Science, Examines Potential of Medical Cannabis Market
19 August 2010 - 12:39AM
Business Wire
Smokefree Innotec, Inc. (Pink Sheets:SFIO) Thomas Schroepfer,
CEO, (http://www.sfio.us or http://www.realsmokefree.com) confirmed
today the announcement by the Biotech company Cannabis Science
(OTCBB:CBIS) regarding entering into a joint venture agreement to
develop and market several high-tech smoke-free vaporized medical
cannabis pharmaceutical products, as released by CBIS on August 13.
He stated, “Pursuant to the joint venture, Smokefree Innotec Inc
will supply its high-tech smoke-free vapor technology devices and
Cannabis Science will provide all the medical cannabis extract
formulations.”
George Roth, CFO stated, “Our business of designing, developing,
manufacturing and marketing hi-tech, nicotine and non-nicotine
cigarette-like delivery devices which are completely smoke and
vapor-free and tobacco-free, represents an excellent partnering
with Cannabis Science to fill their needs for production and
distribution in the fourteen US States that currently approve the
medical use of cannabis. This partnering further represents our
commitment to continue to expand our network of cutting edge
technology partners to create ever expanding product lines, for
devices delivering both nicotine and herbal therapeutic extracts,
as seen on our web site http://www.sfio.us.”
Mr. Roth added, “It is worth repeating that this partnering with
Cannabis Science will put Smokefree Innotec in the forefront of
marketing devices delivering medical formulations of
pharmacological extracts to dispensaries and healing centers
already in existence, in compliance with applicable federal and
state regulations. With the anticipated voter approval of Prop 19
in California, we believe the number of dispensaries and related
retail establishments for marijuana and marijuana accessories will
multiply rapidly.
“From the news reports, a majority of Californians continue to
voice their support for Prop. 19, which would eliminate penalties
for the private possession and use of marijuana by adults, and
allow local governments to regulate retail cannabis production and
sales. Further, the results of a series of randomized,
placebo-controlled clinical trials assessing the efficacy of
inhaled marijuana consistently show that cannabis holds therapeutic
value comparable to conventional medications, according to the
findings of a 24-page report issued Wednesday to the California
state legislature by the California Center for Medicinal Cannabis
Research (CMCR).”
(See http://www.cmcr.ucsd.edu/CMCR_REPORT_FEB17.pdf.)
In an earlier release, Dr. Robert Melamede, President and CEO of
Cannabis Science Inc., stated, "Many patients smoke medical
cannabis because it gives them rapid relief that allows them to
monitor their usage. Smokefree Innotec's technology allows the
patients even greater convenience and dosage control than smoking,
without all of the possible health and social/legal problems
associated with smoking. Cannabis Science will provide a variety of
standardized medical marijuana formulations to be used with the
Smokefree Innotec products, so that patients can self-monitor their
dosages. Of course, these products will be of even greater value to
patients who do not like to smoke since vaporizing minimizes the
irritating and harmful effects caused by direct smoke contacting
the lungs."
Mr. Roth added, in San Diego, California alone, a grand jury
report “estimated there are at least 5,000 medical marijuana
patients in San Diego County, and it’s probable there are
considerably more. Medical marijuana advocates say there could be
60,000.” “There are more marijuana dispensaries in Los Angeles than
there are Starbucks,” candidate Chris Kelly said in a June 23rd San
Diego Tribune article. According to Wikipedia, “Across California
there are an estimated 2,100 dispensaries, co-operatives, wellness
clinics and taxi delivery services in the sector known as
'cannabusiness.' That is more than all the Starbucks, McDonald’s
and 7-Eleven outlets in the state put together17, according to The
Sunday Times.”
Mr. Schroepfer added, “With our international distribution of
Smokefree Innnotec products already well established, the entry
into the Medical Cannabis market represents our commitment to
significantly expand and distribute new products across North
America. Identifying and securing market share of rapidly growing
fields such as Medical Cannabis, Military Retail and Government
service will continue to be led by the efforts of our partners at
Leading Points Corporation. The management of both companies
acknowledged their appreciation that they were brought together in
this joint venture as another one of the successful business
partnerships initiated by Leading Points Corporation
(www.leadingpoints.com), whose mission is matching industry leaders
in order to capture market share.”
About Smokefree Innotec, Inc: www.smokefree-innotec.com
Smokefree Innotec, Inc. is in the business of designing,
developing, manufacturing and marketing hi-tech, nicotine and
non-nicotine cigarette-like delivery devices which are completely
smoke and vapor-free and tobacco-free. Smokefree Innotec’s products
are designed to protect the non-smoker from second hand smoke and
all its effects while providing the smoker a way to enjoy a
smoke-free cigarette anywhere, including places where smoking
tobacco or similar substances is prohibited. Further, our products
will allow the smoker to enjoy smoking either nicotine or flavored
non-nicotine cigarettes while not having to worry about the
offensive dangers and ill effects of regular cigarette smoking.
However Smokefree Innotec products are not intended for any
prevention or therapeutic treatment of any disease.
A number of statements referenced in this Press Release are
forward-looking statements, which are made pursuant to the Safe
Harbor Provisions of the Private Securities Litigation Reform Act
of 1995, and within the meaning of Section 27A of the Securities
Act of 1933 and Section 21B of the Exchange Act of 1934. Any
statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
and goals, assumption of future events or performance are not
statements of historical fact and may be “forward-looking
statements.” Forward-looking statements are based on expectations,
estimates and projections at the time the statements are made that
involve a number of risks and uncertainties which could cause
actual results or events to differ materially from those presently
anticipated. Forward-looking statements in this Release may be
identified through the use of words such as “expects,” “will,”
“anticipates,” “estimates,” “believes,” or statements indicating
certain actions “may,” “could,” or “might” occur. Such statements
reflect the current views of Smokefree Innotec Inc. with respect to
future events and are subject to certain assumptions, including
those described in this release. These forward-looking statements
involve a number of risks and uncertainties, including the timely
development and market acceptance of products, services, and
technologies, competitive market conditions, successful integration
of acquisitions, the ability to secure additional sources of
financing, the ability to reduce operating expenses, and other
factors. The actual results that the Company achieves may differ
materially from any forward-looking statements due to such risks
and uncertainties. Smokefree Innotec Inc. does not undertake any
responsibility to update the “forward-looking” statements contained
in this news release. Disclosures made in this Press Release are
limited by good business practice and to that permitted to the
public by applicable securities regulations, both Federal and
State, including rights granted to shareholders under the Nevada
Revised Statutes NRS 78.257 regarding limitations of preferential
and selective disclosure of confidential Company information.
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