MySkin Enters Cannabis Industry with IP & Technology Acquisition
April 15th, 2014
News, Top Story
MySkin Inc. (OTC: MYSK), formerly a provider of management services to a med-spa that provides skin resurfacing, skin rejuvenation, vein treatment, and related services, solidified its entry into the cannabis industry with the acquisition of cannabis-related intellectual property rights and technology from three experienced cannabis businessmen operating dispensaries and cultivation facilities in Colorado.
According to the company’s recent press release, the acquisition includes:
“The technology includes designing and building commercial cannabis cultivation facilities, cultivation and retail operating procedures, nutrition methodologies, and a cannabinoid therapy program that utilizes the entire cannabis plant controlling specific cannabinoid ratios, accurate dosing, and multiple delivery methods.
“The intellectual property, technology, and methodologies acquired are for the production and extraction of full plant cannabis into individualized cannabinoid-based products with medical applications focused on sublingual, dietary, inhalation, transdermal, and drop delivery systems.”
The acquired technology has been used to cultivate a number of medical grade cannabis strains, including more than 15 unique CBD-dominant varieties that have been approved for medical use in many states. These strains were used at the original company’s cannabinoid therapy program for the treatment of chronic pain, drug abuse, inflammation, PTSD, and a variety of other conditions.
According to an earlier regulatory filing, the company plans to change its name to United Cannabis Corporation and operate as a biotechnology company with a foundation in the medical cannabis industry. Management will focus on licensing its seed-to-sale business model and providing design, construction, staffing, and training services to cannabis cultivators in legal jurisdictions.
By taking a joint venture approach to the market, the company could potentially benefit from the upside without directly touching or handling cannabis directly, which is still a violation of the federal government’s Controlled Substances Act. While the FDA hasn’t approved many CBD treatments yet officially, they recently condoned a clinical trial for epilepsy and observational evidence is compelling.
Shares of MySkin Inc. fell 9.55% after the announcement on Tuesday morning.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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