STENOCARE A/S (“STENOCARE”) and OWC Pharmaceutical Research Corp (“OWC”) have signed a strategic Memorandum of Understanding (MoU) to develop and commercialize new cannabis-based medical products.
The new relationship will accelerate STENOCAREs long term strategy to supplement its high quality generic medical cannabis products with differentiated products that are formulated to target specific patient groups suffering from specific conditions and will provide market access to OWC’s technologies
The companies wish to cooperate in order to jointly develop and promote the sale and distribution of products within STENOCARE’s current core markets (Denmark, Ireland) and potentially in new territories to be targeted by STENOCARE. The nature of the cooperation is highly synergistic:
- STENOCARE will provide its high-quality cannabis raw materials and extensive knowledge, reputation and experience relating to supply and distribution of medical cannabis-based products in Denmark and Ireland;
- OWC will provide its expertise in medical research and clinical trials for cannabis-based novel therapeutic products and treatments, backed by its extensive Intellectual Property Portfolio.
The first product candidate for the partnership will be a sublingual tablet with specified medical cannabis ratios designed to meet specific needs of patients according to their diagnosis and responses to treatment. It is expected that such jointly developed products can be launched, subject to obtaining relevant approvals and licenses during 2021 and 2022.
OWC Pharmaceutical Research CEO Mordechai Bignitz commented: “STENOCARE is a strong match for OWC with its unique focus on pharma-grade production and distribution of medical cannabis in interesting markets. This is fully aligned with OWC’s approach to develop and commercialize products for millions of patients.
STENOCARE CEO, Thomas Skovlund Schnegelsberg comments: “The prospects of working with OWC Pharmaceutical Research Corp on new medical cannabis products marks an important milestone for executing our Strategy. OWC has a strong track record for product development and together we have the basis for strong synergies and a fast forward opportunity towards our goal of building a leading medical cannabis brand and preferred supplier of “pharma” standard medical cannabis.