- ETST this week announced uplisting to OTCQB Venture Market
- FDA approved product containing cannabidiol (CBD)
- Congressional panel to vote on Cannabis Research Bill on September 13
- DEA plans to quintuple amount of marijuana for research
The official uplisting of Earth Science Tech, Inc. (OTCQB: ETST) to the OTCQB Venture Market (http://nnw.fm/u7doK) on September 12, 2018, comes at a time when auspicious news graces the cannabis community.
On Thursday, September 13, the U.S. House Judiciary Committee will vote on a bill to increase opportunities for research into the medical benefits of marijuana (http://nnw.fm/cCs90). This follows a report that the Drug Enforcement Administration (DEA) plans to “quintuple the amount of cannabis that can legally be grown in the U.S. for research purposes—from roughly 1,000 pounds in 2018 to more than 5,400 pounds next year” (http://nnw.fm/4mP8R). An announcement on June 25 by the U.S. Food and Drug Administration highlighted the organization’s approval of a drug containing cannabidiol (CBD), marking the first time the agency had given a drug based on substances derived from marijuana the green light. Such action, by Congress and federal agencies, one of which falls under its purview, undoubtedly puts pressure on the justice department to review its stance on cannabis. Hopefully, this will soon be forthcoming.
With an uplisting to the OTCQB Venture Market, Earth Science Tech expects an increase in visibility and share liquidity. It has now acquired fully reporting status with the Securities and Exchange Commission (SEC) under the Exchange Act of 1934. The company will now be mandated to file annual reports with the SEC on Form 10-K, quarterly reports on Form 10-Q and periodic reports on Form 8-K, as well as subjecting itself to additional reporting obligations related to proxies, shareholder actions and stock ownership rules (http://nnw.fm/XRkn6).
In a news release, ETST president, director and Chairman Nickolas S. Tabraue commented, “Historically, up-listing to the OTCQB and being fully reporting has resulted in greater liquidity and awareness. We are committed to the higher level of corporate and financial disclosures required as an OTCQB fully reporting company, demonstrating our commitment to our loyal shareholders.”
The FDA ruling on June 25 is likely to have a ripple effect. It is the first time a product that “contains a purified drug substance derived from marijuana” has been approved by the FDA (http://nnw.fm/Xdsg0). The favored drug is GW Pharmaceuticals’ (NASDAQ: GWPH) Epidiolex, an oral cannabidiol (CBD) solution, for the treatment of seizures associated with two rare and severe forms of epilepsy, Lennox-Gastaut syndrome and Dravet syndrome, in patients two years of age and older. It is also the first FDA approval of a drug for the treatment of patients with Dravet syndrome. Its authorization should overcome justice department inertia. Since cannabis is presently classified as a Schedule 1 substance, with no medical use, the FDA must ask the DEA for a reclassification (http://nnw.fm/2ewRm). Moreover, although the justice department has promised to relax the rules on cannabis research since 2016, it has, so far, approved none of the applications submitted. However, now that the FDA, which is under the Department of Health and Human Services, has pushed it into a corner, it may be forced to do so.
The brightening environment is bolstering Earth Science Tech’s prospects. Through subsidiary Cannabis Therapeutics, Inc. (CTI), it aims to take a leadership role in the development of new, leading-edge, cannabinoid-based pharmaceutical and nutraceutical products. At present, CTI is studying various medicinal effects of CBD. The company holds a provisional application patent for a CBD product that is focused on developing treatments for breast and ovarian cancers.
Another subsidiary, Earth Science Pharma, Inc., is developing low-cost, noninvasive diagnostic tools, medical devices, testing processes and vaccines for sexually transmitted infections and/or diseases. The division is targeting medical devices and vaccines that meet the specific needs of women. Its first medical device, MSN-2, is a home kit designed for the detection of sexually transmitted infections (STIs), such as chlamydia, from a self-obtained gynecological specimen.
A third subsidiary, KannaBidioiD (KBD), provides a wide variety of products geared toward the recreational cannabis market. KBD’s unique Kanna and CBD formulation is sold and distributed in CBD-infused edibles and vapes/e-liquid products. Kanna and CBD synergistically enhance one another, providing optimal relaxation, an uplifting sensation, enhanced focus and the added benefit of assisting with nicotine reduction therapy.
For more information, visit the company’s website at www.EarthScienceTech.com
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