TORONTO, Sept. 26 /CNW/ - Yesterday the Conservative government announced
spending cuts scheduled over the next two years. Funding for academic medical
marijuana research - originally made available through the Medical Marijuana
Research Program (MMRP), established in 2003 - was included in that list.
According to Prairie Plants Systems (PPS) - the Saskatoon-based company
in which Cannasat Therapeutics is a shareholder - the spending cuts will not
impact PPS, which has been growing and distributing medical marijuana for
Health Canada since December 2000.
"Accordingly, medical marijuana will continue to be grown and distributed
by PPS to qualified patients through the Health Canada's Marihuana Medical
Access Regulations (MMAR), including patients with Multiple Sclerosis,
HIV/AIDS, cancer, severe arthritis, epilepsy and spinal cord injury or
disease," states David Hill, Cannasat's Chief Executive Officer.
Hill continues, "Furthermore, as a private sector company that is not
receiving any funding under the MMRP, Cannasat's current or planned research
activities are not impacted by this announcement. Cannasat is entirely funded
by other sources and remains focused on the development of cannabis-based
pharmaceutical products to be introduced to the market through the traditional
regulatory drug approval process."
Academic medical marijuana researchers can still apply for CIHR
("Canadian Institutes of Health Research") funding, but will no longer have
access to these, remaining undistributed funds that were available through the
MMRP. Originally $7.5 million was allocated to this task, of which
approximately $3.5 million has already been awarded to researchers such as Dr.
Mark Ware, a pain physician at the McGill University Health Centre (MUHC) Pain
Centre and principal investigator for the 3-year, 350-patient COMPASS trial
("Cannabis for the Management of Pain: Assessment of Safety Study").
CIHR is the Government of Canada's health research funding agency
supporting the work of up to 10,000 researchers and trainees in universities,
teaching hospitals, and research institutes across Canada.
ABOUT CANNASAT THERAPEUTICS INC.
Cannasat Therapeutics Inc. is researching the therapeutic benefits of
cannabis and developing new cannabinoid pharmaceutical products. Cannasat is
pursuing two complementary business strategies. The first consists of
development of novel cannabinoid-based pharmaceutical products through
application of drug delivery technologies to be introduced to the market
through the traditional regulatory drug approval process. The second is to
promote medicinal cannabis research and education with Cannasat's business
partner, Prairie Plant Systems Inc., the only government licensed grower and
distributor of medicinal cannabis in Canada.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information
Andrew Williams, Vice President, Operations,
Cannasat Therapeutics Inc, T: (416) 703-2449 ext. 253, F: (416) 703-8752,
awilliams@cannasat.com, www.cannasat.com, www.medicalmarijuanainformation.com
Source:
Cannasat Therapeutics Inc.
