SAN DIEGO, Aug. 22, 2013 (GLOBE NEWSWIRE) -- CanChew Biotechnologies, a joint venture company with Medical Marijuana Inc. (OTC Pink:MJNA), is delighted to announce that they have signed an exclusive distributorship agreement with ARITEX AG, a Switzerland-based distributor for nutraceutical products in Russia and the Commonwealth of Independent States (CIS).
The contract for the distribution of the patented CanChew cannabidiol (CBD) gum calls for a minimum of $2 million in annual wholesale purchases by ARITEX AG for distribution in Russia and the CIS countries of Armenia, Azerbaijan, Belarus, Georgia, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, and Uzbekistan. In addition, ARITEX AG is bound to maintain a pre-negotiated minimum resale price per 32-pack unit that retains price integrity for the brand. ARITEX AG will also streamline approval and licensing of CanChew cannabidiol (CBD) gum in those markets. As part of the agreement, CanChew Biotechnologies will continue to manufacture CanChew gum in the United States.
"The signing of an exclusive, multi-million dollar distribution agreement is a major milestone and a first for CanChew Biotech," said George E. Anastassov, MD, DDS, MBA and CEO of CanChew Biotechnologies. "This agreement will cover multiple, diverse territories, providing for excellent exposure for and presence of our products."
The Russian nutritional supplement market alone was estimated at $2 billion as of 2009. (Source: Nutraceuticals World) The global nutraceutical ingredients market in general is predicted to reach $23.7 billion by 2015, with strong growth forecasted in Russia, which is expected to have a market share of 24.4% by 2017. (Source: Nutraceutical Business & Technology)
"We are very excited about the opportunity that CanChew Biotechnologies brings to the market," said Faina Stolin, Chief Operating Officer of ARITEX AG. "I am very excited to be part of this huge project."
About CanChew Biotechnologies
CanChew Biotechnologies focuses on the treatment of pain and other medical disorders with the application of chewing gum-based cannabis/cannabinoid medical products as well as food and nutriceutical products for general wellbeing.
The company is focused on the R&D and execution of their clinical development plan and potential out-licensing of their technology. Clinical development focuses on the R&D of the formulation, production and the development of chewing gum-based products for the treatment of conditions like pain, nausea and vomiting, anorexia, spasticity and various other medical issues. For more information on the company, visitCanChewBiotech.com.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). The company does grow, sell and distribute hemp based products and is involved with federally legal distribution of medical marijuana-based products within certain international markets. We use the following names for informational purposes only, all of which refer to the legal industrial hemp plant: cannabis, canipa, kanipa, kanna, canna, kanabis, marijuana, medical marijuana, hemp, and industrial hemp.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.
CONTACT: Corporate contact: CanChew Biotechnologies 4901 Morena Blvd., Suite 701 San Diego, CA 92117 Toll-Free: 877-770-3838 Fax: 888-651-0349 Email: Info@Canchewbiotech.com www.CanChewBiotech.com Investor relations contact: Stuart T. Smith SmallCapVoice.Com, Inc. P. 512-267-2430 F. 512-267-2530 Skype: SmallCapVoice.com AIM: SmallCapVoice7