An Israeli company is joining the red-hot medical cannabis business in the United States. One World Cannabis, which was founded only this year, is involved in research and development for marijuana-based pharmaceuticals and treatments for a wide variety of medical issues.
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The firm, which underwent a reverse merger with publicly traded American firm Dynamic Applications, will now trade over the counter on Wall Street. The company has filed a request to change its name to OWC Pharmaceutical Research Corp., and will trade with the ticker symbol OWC.
The company recently raised some $2 million from private investors in Israel, the United States and Singapore, and will hold another fundraising round soon. The company has a market value of over $13 million.
U.S. physician Alan Shackelford, an expert in medical cannabis, heads the medical research team. The company is now in negotiations with a number of leading Israeli hospitals to conduct joint preclinical and clinical research projects, as well as for receiving approval to carry out clinical human research.
The medical cannabis industry is growing quickly, with more and more countries approving its use in medical treatments and the number of approved medical uses increasing.
In addition to its own R&D 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.