Osoyoos Provides Corporate Update on AI Pharma Acquisition
Toronto, Ontario--(Newsfile Corp. - July 8, 2020) - Osoyoos Cannabis Inc. (CSE: OSO) ("Osoyoos" or the "Company") today provided a corporate update on its previously announced acquisition of 1196691 B.C. Ltd. d/b/a "PCAI Pharma" ("PCAI") and its wholly-owned subsidiary AI Pharmaceuticals Jamaica Limited ("AI Pharma").
PCAI is a Toronto-based pharmaceutical company with an ongoing mission, through AI Pharma, to build a global enterprise with a strong foundation of science, research, development and treatment, as well as, new therapeutic formulation discovery using data mining and current state-of-the-art artificial intelligence ("AI") techniques. PCAI's research and treatment initiatives are dedicated to unlocking the healing potential of plant-based and fungal-based medicines, remedies and treatments through rigorous science and clinical support.
AI Pharma's pharmaceuticals, nutraceuticals and cosmeceuticals will be developed utilizing specific chemical compounds, identified with our AI techniques, from both medical cannabis and medical mushrooms combined together to significantly increase treatment efficacy. We intend to develop a large intellectual property portfolio comprising significant blocking patents including these combinatorial pharmaceutical developments. These pharmaceutical, nutraceutical and cosmeceutical products will be developed leveraging the most healing chemical compounds from medical cannabis in combination with chemical compounds from psychedelic and edible mushrooms with a goal to successfully treat conditions like cancer, depression, PTSD and others, as well as opioid and alcohol addiction.
The AI Pharma Team
The AI Pharma company is led by Dr. Stephen Barnhill, its Chairman & CEO. Dr. Barnhill is bringing together his world-class team of doctors, scientists and AI experts to leverage their successful pharmaceutical, biotech and AI track-records and successful product development histories with traditional pharma and biotech companies in order to bring the same level of expertise to the medical cannabis and medical mushroom (both edible and psychedelic) pharmaceutical research, development and treatments.
Dr. Barnhill is a physician, fellowship trained in Laboratory Medicine and Board Certified by the American Board of BioAnalysis, an expert in AI, an inventor on more than 40 patents globally and is an experienced pharmaceutical and biotech executive with experience as a CEO in both private and public companies in the United States and internationally. He was most recently Founder, Chairman and CEO of a U.S. publicly-traded international biotech company, which he took from inception to profitability. Throughout his career, Dr. Barnhill has negotiated and executed deals with many companies including Pfizer, Corning-MetPath, Quest Diagnostics, Clarient (now GE Healthcare), LabCorp, NeoGenomics, Abbott, Bruker and others. He has published many papers with academics including those from MD Anderson Cancer Center, Johns Hopkins University Medical Center, Stanford University Medical Center and others.
About AI Pharma
Current state-of-the-art AI techniques will provide the backbone of our discovery methods, along with a unique and strategic geographic foundation in Jamaica, where the organization, in association with its Jamaican-based Cannabis License Authority (CLA) licensed medical cannabis partner, has the requisite range of licenses and existing facilities.
Jamaica is uniquely legal for medical cannabis via CLA approved licenses (which we have through our discovery partnership) and is one of the very few countries in the world where mushrooms (both edible and psychedelic) have never been made illegal and are openly sold. This allows AI Pharma to legally discover these unique combined formulations to build a large patent portfolio of blocking patents and products while most of the rest of the world is legally limited in this type of discovery.
AI Pharma has a cultivation facility that is currently being prepared for mushrooms and will be operational in approximately sixty days.
AI Pharma has a R&D facility, as well as, a processing laboratory to prepare mushroom extracts in their distilled research and treatment ready form.
AI Pharma has leased space at Doc's Place International, an award winning (recently ranked #1 in the world by Edibles Magazine) health and wellness resort for medical cannabis patients that will be utilized for AI Pharma's patients as a treatment centre for psilocybin and combined psilocybin/cannabis based therapies.
Mr. Graham Simmonds, CEO of the Company stated, "This is an exciting opportunity for Osoyoos as we extend our business into a deeper level of cannabinoid medicine with specific research into the effect of combinatorial pharmaceuticals utilizing both the cannabis plant in association with the many breeds of mushrooms." He added, "I would also like to extend my appreciation to Cannabis Growth Opportunity Corporation for their recent financial commitment to Osoyoos and we look forward to working closely with them once we have closed our planned financing."
Dr. Stephen Barnhill, Chairman and CEO of AI Pharma stated, "We are very pleased to be a part of the Osoyoos business moving forward and I believe we can establish a leading portfolio of intellectual property with significant blocking patents, as well as, specific targeted therapies and medicines with scientifically demonstrated healing capabilities. Our ultimate goal is to help and heal people and I believe we have a significant advantage in achieving this from our leading-edge facility and team in Jamaica."
About Osoyoos Cannabis Inc.
Osoyoos Cannabis Inc. has a joint-venture agreement with a private, vertically-integrated licensed producer under the Cannabis Act (Canada) to offer contract tolling extraction services to third-party businesses. Additionally, the Company recently acquired 1196691 B.C. Ltd. d/b/a "PCAI Pharma" (www.pcai.ca) and its wholly-owned subsidiary AI Pharmaceuticals Jamaica Limited, a private corporation incorporated and operating under the laws of Jamaica. The business of AI Pharma involves science, research, treatment, data mining and AI, focused on the development of combinatorial pharmaceuticals, nutraceuticals and cosmeceuticals utilizing compounds from cannabis (cannabinoids), psychedelic mushrooms (psilocybin), fungi and other psychedelic formulations and their related medicinal global intellectual property protection.
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Chief Executive Officer
DISCLAIMER & READER ADVISORY
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "may", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, PCAI and AI Pharma. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include regulatory and other third-party approvals; licensing and other risks. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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