Pure Green, a Michigan-based cannabis drug company, is seeking fresh capital to develop THC- and CBD-based products for medical use. The private placement will help the company grow Pure Green Pharmaceuticals, a research and development spin-off that is working closely with federal regulators to get ahead amid a shakeout in the marijuana industry.
"There are always investors who are looking for people who have experience doing something," Steve Goldner, CEO of Pure Green, told Cheddar. "I worked on a drug, methadone, 45 years ago. That worked out pretty well. Now we have a chance to do that with safer molecules."
For Goldner, a veteran drugmaker, scientific rigor and testing is the key to bringing the cannabis industry mainstream.
Pure Green recently met with the Food and Drug Administration (FDA), which Goldner said provided a clear pathway to the marketplace and some ideas on how to move forward. The top-down support signals a shift in how the federal agency views medical cannabis — a change of that heart stems from pressure to provide alternatives to opioid-based pain relievers.
"The FDA's idea was don't let people get into opioids and then try to get them out," he said. "Solve their pain before they have to go to opioids."
Pure Green has since focused its clinical testing on proving pain relief in users. CBD, which is found in products ranging from seltzer drinks to gummies, is key to the formula.
"CBD in some concentrations really can relieve pain," Goldner said. "FDA is right to think about that as a drug, and we've been showing them data to demonstrate how it can be used safely and effectively."
It's the job of companies like Pure Green, he added, to bring that health and safety data to the FDA and move the conversation forward around CBD and THC alike.
"They're very fair and even-handed about it," Goldner said. "They just take a little while to move."
In the meantime, research continues apace at Pure Green. The company obtained its first patent in June 2019. The patent covers a process developed by Goldner to freeze dry and extract a wide range of molecules from cannabis plant matter.
"What's important about this is that the federal government is recognizing this is serious science and serious medicine," Goldner said.
The 12-hour freeze-dry process replaces the need to dry out the plant, which can take up to two weeks and presents more risks for contamination.
"We are passionate about shifting the perception of cannabis to 'Cannabis As Medicine' and solidifying our position as a creative hub for scientists, engineers, and physicians to work legally in the cannabis space," said Goldner in a statement at the time.
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