Business
Amarantus Enters into Letter of Intent with The Alchemists Kitchen to Establish Joint Venture for Research and Commercialization of Hemp and Herbal Smokables for Addiction Treatment Including Smoking Cessation
Amarantus Enters into Letter of Intent with The Alchemists Kitchen to Establish Joint Venture for Research and Commercialization of Hemp and Herbal Smokables for Addiction Treatment Including Smoking Cessation.
About this update from Amarantus Bioscience Holdings, Inc.
[{"type":"text","content":"\nNEW YORK, NY, June 25, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Amarantus Bioscience Holdings, Inc. (OTC Pink: AMBS) (the “Company,” or AMBS), a US-based JLABS-alumnus biotechnology holding company developing proprietary orphan neurologic, regenerative medicine and ophthalmic therapies and diagnostics through its subsidiaries, today announced that it has entered into a Letter of Intent (‘LOI’) with The Alchemist’s Kitchen, a plant-based wellness company marketing the Plant Alchemy brand of health and wellness products, to establish a joint venture for commercialization of hemp based herbal smokable products ‘Herbal Smokes’ in addition to conducting research for cannabinoid derived addiction treatment, including smoking cessation (tobacco and vaping-based/e-cigarette), and other indications such as insomnia (the ‘Evolver Herbal Smokes’ or the ‘JV’). The initial equity ownership of Evolver Herbal Smokes will be 19.99% for Amarantus, and 80.01% for The Alchemist’s Kitchen and/or its affiliates. Amarantus will have the right to acquire the remaining 80.01% equity of Evolver Herbal Smokes in conjunction with the listing of its common shares onto a national stock exchange.\n “We are excited about the prospect of working with Amarantus to gain clinical data on our existing hemp smokable products, as well as evaluate  various formulations and other differentiating factors that could optimize the use of hemp and herbal smokable products for a wide range of medical conditions,” said Louis Sagar, CEO of The Alchemist’s Kitchen. “Bringing scientific and clinical focus on the smokable product line via the Evolver Herbal Smokes joint venture with Amarantus will potentially create significant value for our brand by adding clinical data to our offering, potentially significantly growing the user base for Plant Alchemy products.” “Cigarette and e-cigarettes have established themselves as highly addictive products that the FDA has recognized as having significant risks for the health of consumers,” said Gerald E. Commissiong, President & CEO of Amarantus. “Based upon the large body of anecdotal evidence available in the literature and other mediums, smokable hemp products appear to have the greatest reliabili...