This novel venture could reshape the foundations of the global medical cannabis supply by delivering alternative THC products to a DEA-approved Schedule 1 lab in the U.S and providing universities, researchers and pharmaceutical entities with an alternative to the University of Mississippi, which until very recently had been the sole legal supplier of THC active pharmaceutical ingredients (API) for research in the U.S.
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MMJ BioPharma Labs (MMJ) and Gobal Cannabis Holdings (GCH) are joining Bright Green Corporation (NASDAQ: BGXX) as University of Mississippi challengers. Bright Green recently announced that it had successfully registered its federal license with the DEA for the cultivation, manufacture and sale of cannabis and related products for research and pharmaceutical applications under federal and state law. The DEA registration grants Bright Green the necessary authorization to operate and generate revenue under federal law, as well as export to countries that have a similar recognition of cannabis for pharmaceutical purposes.
Stepping Up
The collaboration is not merely providing an additional source, it promises to augment the quality of the supply by substituting Ole Miss's outdoor flower with a "consistent indoor, reproducible supply" provided by the united forces of MMJ and GCH. This significant shift hints at groundbreaking treatment possibilities for patients, creating a substantial milestone in the expanding realm of cannabinoid medicine and encouraging a more patient-focused and innovative future.
Boasting a scientific team that works hand-in-hand with preeminent cannabinoid scientists, MMJ aims to advance pharmaceutical solutions across the entire care spectrum. Its dedication to research, as seen in its FDA filings, extensive pharmaceutical and medical research and examination of the therapeutic potential of various cannabinoid formulations have resulted in a flagship product candidate: a liquid formulation of highly purified CBD/THC, investigated as a potential universal remedy for severe neurological disorders.
How THC Imports Work In The Context Of Federal Illegality
Let's analyze how the intriguing details of federal prohibition come into play.
MMJ BioPharma Labs is one of the very few federally-licensed and DEA-approved THC labs in the United States permitted to import THC from other federally legal sources for R & D, trials and formulations. These institutions are also the only ones authorized to submit products for FDA approval.
Once the FDA gives the green light, MMJ's capsule - an outcome of their initial development centered around a gel cap formulation - could potentially be recognized as a Schedule 3 pharmaceutical, making it available for sale in all pharmacies across the U.S. and internationally.
Further illuminating this intricate process, it is known that over 500 universities and other groups authorized to conduct trials and research can only purchase from these federally legal companies. This unique arrangemnt, underscored by federal cannabis prohibitions, enables MMJ and GCH to exist in a loophole as one of the only approved suppliers, hence making an import deal like this feasible.
At the other end of this partnership in Uruguay, GCH has direct access to some of the largest cannabis cultivation facilities in the Southern Hemisphere. With an objective to offer safe, consistent and effective cannabis-based products, GCH furnishes the medical and pharmaceutical industries with superior-quality cannabis raw materials and finished products.
The shared mission of MMJ and GCH to develop FDA-approved cannabis medicines to fulfill unmet medical needs is underscored by the numerous Investigational New Drug (IND) Applications they've filed with the FDA. Their work has garnered an Orphan Drug Designation for Huntington's disease with anticipated Fast Track Designation approval for clinical trials. Coupled with GCH's expertise in cannabis production and established pharmaceutical connections in South America, this partnership has the potential to exert significant influence over the medical and pharmaceutical sectors.
Both MMJ and GCH leaders have expressed their enthusiasm for this partnership. Duane Boise, CEO of MMJ, told Benzinga, "Our mission is to improve the lives of patients, and this partnership is a major milestone in our commitment to developing novel cannabinoid-based prescription medicines."
David Luftglass, managing partner and chairman of GCH expressed a similar sentiment. "We are proud to partner with MMJ and support their mission to improve patient care through the development of novel prescription medicines. Together, we are positioned to create a major impact in the medical and pharmaceutical industries and provide patients with safe, consistent, and effective cannabis-based products at scale."
As the industry and the world look forward to the first legal import of THC cannabis products, MMJ and GCH stand firm in their joint mission to deliver transformative treatments and revolutionize the pharmaceutical supply chain. This partnership marks the advent of Cannabis 3.0, a wave set to normalize cannabis medicines globally, reshaping not just the pharmaceutical industry but also the lives of patients around the world.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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This article Exclusive: Historic Importation Of THC Into The US Could Reshape Global Cannabis Supply Chain originally appeared on Benzinga.com.