Medical Marijuana Acquires 80% Stake In Phytosphere Systems From Cannabank

[bobandtorey]

Medical Marijuana Inc. has acquired an 80 per cent stake in PhytoSPHERE Systems, a biotechnology company that utilizes the TerraSphere technology to produce high-value, plant-based bio-compounds for pharmaceutical and nutraceutical markets, from CannaBANK Inc.

 

CannaBANK through its wholly owned subsidiary PhytoSPHERE Systems recently acquired from Pharmasphere, LLC the right to purchase the exclusive worldwide license for all cannabis, hemp and cannabinoid based products under terms previously announced.

 

“With the purchase of PhytoSPHERE Systems, this truly sets us apart and solidifies our company’s future in the cannabis based compound industry. PhytoSPHERE Systems is the only organic provider of pharmaceutical grade raw ingredients for the nutraseuticle, pharmaceutical and over the counter medical cannabinoids markets. We appreciate the continued support of our shareholders and look forward over the next few weeks on updating the market on several transactions related to PhytoSPHERE.” Stated Michael Llamas, president of medical Marijuana Inc.

 

CannaBANK Inc. is a private equity firm specializing in the capitalization and development of hemp based businesses.

 

Medical Marijuana Inc., is a publicly traded holding company which invests, develops and owns subsidiaries engaged in a number of diversified international businesses within the Medical Cannabis and Industrial Hemp

Industries.

http://pharmabiz.com/NewsDetails.aspx?aid=68487&sid=2