Tikun Olam-Cannabit and Opiostop LLC are establishing a JV to conduct a clinical study on treating opioid addiction, using Cannabit medical cannabis strains, that is undergoing fast-track registration by the FDA

TEL AVIV, Israel, Feb. 3, 2021 /PRNewswire/ -- Tikun Olam Cannbit  (TASE:TKUN) reports that its international arm, Cannabit Ltd., will be the exclusive supplier of medical cannabis for clinical research into treatment for opioid addiction. The company will be entitled to exclusive marketing of the treatment method in Israel, Germany and England too.

The study will be done using a patent for an addiction treatment method that is currently undergoing registration by JFM Technology Holdings LLC, for which Opiostop has received an exclusive, unlimited license, under the U.S. FDA's fast-track.

The U.S. company Opiostop will provide all the financing, the submission of the patent and follow-up submissions, will be responsible for the performance and financing of the clinical trial in the United States, and will see to getting all the licenses for importing into the United States.

The treatment method may affect the market of opioid sales in the United States, which is estimated at about $20,000,000,000 (twenty billion dollars) per year.

Jonah Rosenblatt has already filed a patent for the method, and the company is now working on raising capital and starting clinical trials in the United States, with the intent of conducting clinical trials, submitting and approving the treatment through the FDA's fast-track.

Avinoam Sapir, the CEO of Tikun Olam-Cannabit states: "Rosenblatt's opioid method of treatment is on the FDA's fast-track for approval, in order to solve the problem of severe addiction to opioids that has been sweeping through the United States in recent years. Every 17 minutes, someone dies in the United States of an analgesic overdose. Tikun Olam–Cannabit is happy to be part of the possible solution to this severe 'plague' of analgesic addiction, a problem that can be identified here in Israel too."

Jonah Rosenblatt, the CEO of Opiostop states: "Over 70,000 Americans, and half a million people worldwide die each year from the Opioid Epidemic. This is ripping apart the fabric of society. We believe that combining our Multi-modal approach to curing addiction with CANNBIT'S Cannabinoid based medications & formulations. As the Clinical research of Medical Cannabis has been shown to reduce opioid dependency. By coming together in this JV, together we are extremely confident in our combined effort to reach our goal of giving people back their free will.

FOR MORE INFORMATION:
Eliana Horenczyk
[email protected]

SOURCE Tikun Olam Cannbit