Company planning pre-clinical trials to treat fibromyalgia, PTSD and seizures
The Israel-based One World Cannabis (OWC) company will be traded over the counter on Wall Street, joining other traded Israeli companies involved in the marijuana industry, Israeli media reported Wednesday.
One World Cannabis, which was founded only this year, is involved in research and development for marijuana-based treatments for a variety of medical conditions.
The company recently raised some $2 million from private investors in Israel, the United States and Singapore, and will hold another fundraising round soon. It has a market value of over $13 million.
The company is now in negotiations with a number of leading Israeli hospitals to conduct joint pre-clinical and clinical research projects targeting such conditions as fibromyalgia, psoriasis/basal cell carcinoma, Post Traumatic Stress Disorder (PTSD) and seizures. The company’s second set of clinical trials, which have not yet begun and are not yet funded, are expected to focus on the development of cannabis medicines for Crohn’s Disease, Parkinson’s Disease, Tourette’s Syndrome, migraines, chronic pain, Alzheimer’s Disease, pediatric epilepsy, prostate cancer and diabetes.
In addition to its own RD work, One World wants to become an international hub for medical cannabis information and also provide consulting services for advancing legislation to allow further use, as well as providing regulatory advice.
Many Wall Street analysts predict that marijuana will become legal throughout the United States and in more and more countries, and will be a multi-billion dollar industry.
One World Cannabis intends to generate clinical data for various medical conditions based on the development of specific cannabis strains, the combinations of the cannabinoids THC and CBD, and optimal dosages.
Another Israeli firm traded on Wall Street, Cannabics Pharmaceuticals, is developing and marketing drugs, therapies and food supplements based on the active ingredients found in unique strains of the cannabis plant. Its main product is Cannabics SR, a sustained release medical cannabis capsule designed for cancer patients as a palliative care treatment.
The company says its aim is to be one of the first and few companies in the world to commercialize indication specific and clinically tested cannabis-based medical products.