VANCOUVER, BC, March 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Phyto Pharma Inc. (www.phytopharma.ca), a Vancouver, British Columbia based phytopharmaceutical and intellectual property holding company with operations in three United States jurisdictions including Colorado, California, and Puerto Rico, today announced that the Company has sold approximately $500,000 US worth of Hemp raw material to California and Colorado based labs within the month of March before the end of first quarter 2019. The Hemp raw material will be used for isolate based products for nutraceutical grade use.
The Vancouver based Company contracts for the production of specific strains of high CBD biomass through strategic licensed green house and farm tolling operations based in Colorado, incorporates proprietary extraction methods for CBD oil and finally, engages in the formulation, development, and commercialization of cannabinoid-based products.
Phyto Pharma brands including Phytocine™ and Rehab Rx™ are manufactured from proprietary strains of whole plant hemp extracts, containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids, and other valuable hemp compounds.
The passage of the US 2018 Farm Bill signed by President Trump at the end of 2018 will now allow Phyto Pharma to expand its hemp biomass cultivation from raw material extraction to consumer products containing specific genetic strains and IP owned by the Company. Phyto Pharma seeks to utilize our genetic specific strains which contain high strains of cannabis derived CBD and aid in the manufacturing process specifically for pharma or nutraceutical based products for the targeted treatment of specific conditions and disease.
“We are extremely pleased with the recent increase in revenue and demand for our Hemp based raw material from our Colorado farming operations. The recent orders of close to $500,000 US for the month of March alone demonstrates strong growth and demand for our proprietary extracted Hemp material to both the pharma and nutraceutical sectors. We look forward to completing the review process and recently announced acquisition by Vinergy Resources Ltd. giving us access to the public markets in both the US and Canada,” stated Phillip Johnston, Esq., CEO of Phyto Pharma Inc.
Legalization and acceptance of CBD for its health and wellness benefits is accelerating at a rapid pace globally. CBD is presently most commonly being used for anxiety, insomnia, pain and nausea, but is being investigated as a treatment for other conditions. Earlier this year, the U.S. FDA approved the CBD drug, Epidiolex, for the treatment of childhood epilepsy. The World Health Organization has also recommended descheduling CBD as a controlled substance among its 194-member states. The Brightfield Group of Chicago forecasts the market for CBD from hemp could reach US$22 billion by 2022.
Phyto Pharma is not making specific therapeutic claims. The use of the term pharmaceutical, pharmaceutical grade, pharmaceutical dosage forms, etc. are indicative of the process by which new formulation products will be created with the intent of accurately identifying specific strains, the active ingredients and measured amount to be used in each dosage form using best practices associated with traditional pharmacy formulations. Phyto Pharma is seeking to take existing anecdotal evidence and through its own formulation process further identify which cannabis varieties and strains are best suited to aid in a specific disease. The goal is to provide a reliable clinical effect through the use of well-crafted and well-researched oil analytics and dosage forms including oral and transdermal delivery of IP mapped cannabis extracts and nutraceutical and pharma brands.
About Phyto Pharma Inc.
Phyto Pharma Inc. (www.Phytopharma.ca) is a phytopharmaceutical and intellectual property holding company that has been created to develop innovative cannabis products, using accepted pharmaceutical formulation techniques, to reliably produce identifiable and replicable dosage forms for the targeted treatment of specific conditions. The Company uses current Good Manufacturing Practices (cGMP) for its wholly owned brands including Phytocine ™ and Rehab RX, that include pre-formulation, formulation development, small scale commercial manufacturing, analytical method development and validation, routine quality control analysis, and stability studies. It is Phyto Pharma’s intent to position itself to have safe, reliable, proven products ready for Phase I formulations when such trials become available and to improve the human condition and better the lives of those who suffer from disease.