A local firm is pumped — and hoping its stock price will go higher — after an Obama administration official made statements about developing new forms of medical marijuana.
Standoutstocks.com reports that President Obama's deputy director of the White House Office of National Drug Control Policy, Tom McClellan, was quoted in Wednesday's USA TODAY noting the need for non-smoked medical cannabis products similar to those being developed for FDA clinical trials by Cannabis Science, Inc., run by Dr. Robert Melamede in Colorado Springs.
McClellan said in the article that the Obama administration opposes smoking marijuana for its medicinal benefit, but that more research is needed to deliver the medically useful ingredients in a non-smoked form, the Web site says.
"With an open invitation like this from the Obama Administration, we at Cannabis Science feel more confident than ever that our efforts to provide our 'wounded warriors' with an alternative to treatments that are not working will be fairly examined, when we submit our non-smoked cannabis pharmaceutical products to the FDA for clinical trials," Melamede said in a statement. "We are doing precisely the sort of scientific research that Deputy Director McClellan is calling for."
Richard Cowan, Cannabis Science CFO and a former CEO of the National Organization for the Reform of Marijuana Laws (NORML), noted, "It is important that the Obama Administration is making such an open call that they want more FDA clinical trial research on the same types of drugs we are creating. Consequently, we will rapidly proceed with our development of a cannabis-based medicine for PTSD for FDA clinical trials. We hope they will share our sense of urgency, because PTSD is killing not only our veterans, but also our active duty troops. In January alone, more of our active US military troops died of suicide than were killed in Iraq and Afghanistan wars combined."
Both Dr. Melamede and Cowan are long-term advocates of the full legalization of marijuana, and support the rights of patients to use the plant to medicate, including smoking. The article reported that support for full legalization is growing rapidly (now up to 44% nationally and a majority in some states).
Cannabis Science says it works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce, and commercialize phytocannabinoid-based pharmaceutical products.