DENVER--(BUSINESS WIRE)--MedPharm Holdings, a leading medical cannabis manufacturer, R&D laboratory, and compounding facility, announced today they will not be extending their term sheet for acquisition with Schwazze, Inc. (SHWZ), formerly operating as Medicine Man Technologies. The term sheet expires today, September 30, 2020.
“After more than a year and a half of negotiations we have mutually agreed with Schwazze, this transaction no longer serves either party,” said Albert Gutierrez, CEO of MedPharm “We remain as optimistic as ever about MedPharm’s future and our ability to bring groundbreaking research that is enhanced by novel, cannabinoid-containing dosage forms,” Gutierrez says. “I felt it was good time to move on and seek other qualified partners for investment purposes, as MedPharm retains its role as a leader in the industry.”
MedPharm is well positioned in the industry after experiencing a series of historical business developments since its inception in 2017.
MedPharm’s facility received the first cannabis research license issued by the state of Colorado in October 2018 and approval from the city and county of Denver to conduct clinical research this year. In August of 2019, the Drug Enforcement Administration (DEA) announced that MedPharm Research, a wholly-owned subsidiary of MedPharm Holdings, was selected to move forward as one of the first applicants to be considered for a license to grow federally legal cannabis under a new policy statement issued in the Federal Register.
The Bulk Manufacturer license will allow MedPharm to provide cannabis and cannabis dosage forms for research purposes.
MedPharm will continue its work in neuro pharmacological cannabis research, leveraging novel dosage forms. MedPharm's already established portfolio of intellectual property (IP) and brands has helped establish its presence in Colorado's mature cannabis market.
MedPharm has a 15,000-square-foot manufacturing, research and development laboratory and cannabis processing facility in Denver, Colorado. Since beginning operations in 2017, MedPharm has grown to a staff of 34 people. The company provides cannabis pharmaceutical-type products in a certified current Good Manufacturing Practices (cGMP) and Good Agricultural Practices (GAP) facility that includes cultivation, pre-formulation, formulation development, small scale commercial manufacturing, analytical method development and validation, routine quality control analysis and stability studies. MedPharm creates pharmaceutical-grade dosage forms and produced ingredients utilizing pharmaceutical technology to be used in the delivery of cannabis compounds. More information can be found about MedPharm at: www.medpharmholdings.com