ZenLunatic
04-09-2006, 04:46 PM
TORONTO -- It's not every company that heralds its public debut with Moses Znaimer, the co-founder of CityTV, on one side and a bag of marijuana from the Canadian government on the other. But that's exactly how Cannasat Therapeutics Inc. did it Wednesday.
Cannasat bills itself as one of a handful of companies in the world that is researching and developing medicines derived from cannabis plants.
Executives acknowledged at a media conference that the fledgling firm faces an uphill battle on many fronts -- from the enormous cost and risk involved in developing new drugs to fighting a social stigma that conjures up images of police officers on pot busts pulling up rows of tall green plants and stoned teenagers getting "the munchies."
"Does it give you a buzz?" a reporter asked at one point.
"This is not about fun. It's about function," said a stern Znaimer, who serves as chairman of Cannasat's board of directors.
"This is not marijuana that people come to because they're looking for a good time."
Shares of Cannasat closed at 40 cents on the TSX Venture Exchange on Wednesday, up 15 cents from the day before. The stock has been trading on the junior exchange for about a week.
Today marks the kickoff of a promotional campaign by Cannasat that's meant to raise awareness about Health Canada's Marijuana Medical Access Regulations or MMAR. The three-year-old program allows people who suffer from cancer, HIV or AIDS, multiple sclerosis and spinal-cord injuries, among other conditions, to purchase cannabis from the government.
Users say the drug -- possession of which is technically illegal -- works wonders in alleviating pain, insomnia, loss of appetite, often more effectively than doctor-prescribed pharmaceuticals and with fewer side effects.
About 1,100 people have registered for the government program to date, but that's believed to be a tiny fraction of medical marijuana users.
Cannasat bills itself as one of a handful of companies in the world that is researching and developing medicines derived from cannabis plants.
Executives acknowledged at a media conference that the fledgling firm faces an uphill battle on many fronts -- from the enormous cost and risk involved in developing new drugs to fighting a social stigma that conjures up images of police officers on pot busts pulling up rows of tall green plants and stoned teenagers getting "the munchies."
"Does it give you a buzz?" a reporter asked at one point.
"This is not about fun. It's about function," said a stern Znaimer, who serves as chairman of Cannasat's board of directors.
"This is not marijuana that people come to because they're looking for a good time."
Shares of Cannasat closed at 40 cents on the TSX Venture Exchange on Wednesday, up 15 cents from the day before. The stock has been trading on the junior exchange for about a week.
Today marks the kickoff of a promotional campaign by Cannasat that's meant to raise awareness about Health Canada's Marijuana Medical Access Regulations or MMAR. The three-year-old program allows people who suffer from cancer, HIV or AIDS, multiple sclerosis and spinal-cord injuries, among other conditions, to purchase cannabis from the government.
Users say the drug -- possession of which is technically illegal -- works wonders in alleviating pain, insomnia, loss of appetite, often more effectively than doctor-prescribed pharmaceuticals and with fewer side effects.
About 1,100 people have registered for the government program to date, but that's believed to be a tiny fraction of medical marijuana users.