OWC Pharmaceutical Research (OTC:OWCP) has entered a $750,000 equity purchase agreement with Kodiak Capital Group.
As quoted in the press release:
Under the terms of the Agreement, OWC Pharmaceutical Research Corp (“OWC” or the “Company”) has the right to sell Kodiak$750,000 of OWC’s common stock. Kodiak cannot require OWC to sell shares to Kodiak, but is obligated to make purchases as requested by OWC. Proceeds from the financing will be utilized by OWC to further develop the Company’s proprietary cannabis-centric products and for working capital.
OWC Pharmaceutical Research Chairman, Mordechai Bignitz, said:
We are very excited to receive our first direct investment from an institution, especially one as respected as Kodiak Capital Group. This proves to us at OWC that we are on the right track with our vision for clinical research by Institutional Review Board-approved trials, which is the prime message for the future of the Medical Cannabis market.
There are a number of companies working on cannabinoid-based therapies, but OWC Pharmaceutical Research is one of only a few that are conducting trials in accordance with IRB. We believe that this strategy not only provides OWC with a distinct competitive advantage, but that it will also demonstrate that cannabis therapies can be just as effective, if not more effective, than industrial pharmaceuticals. We have been working vigorously to complete the delivery methodology and safety protocol for our multiple myeloma cannabis-based formulation so that we can begin clinical trials for efficacy. This funding from Kodiak will facilitate that effort