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Protext Pharma Announces South Africa's Reclassification of Cannabis as a Schedule 4 Substance
Protext Pharma Announces South Africa's Reclassification of Cannabis as a Schedule 4 Substance.
About this update from Protext Mobility, Inc.
[{"type":"text","content":"\n \n \n Protext Pharma Announces South Africa's Reclassification of Cannabis as a Schedule 4 Substance\n \n \nProtext Pharma Announces South Africa's Reclassification of Cannabis as a Schedule 4 Substance\n\nCompany Provides Update on its Cannabis License Application\n\n \n BOCA RATON, FL--(Marketwired - Sep 20, 2017) - Protext Pharma, Inc. (PINKSHEETS: TXTM) (\"Protext\" or \"the Company\"), a biotech company engaged in the development of pharmaceutical botanical medicines that are formulated with highly-bioavailable plant extracts, today announced that the government of South Africa published recommended amendments to the Medical Innovation Bill that would change the status of cannabis products that do not have psychoactive properties from a Schedule 7 prohibited substance to a Schedule 4 substance. Schedule 4 drugs, which include antibiotics and corticosteroids, may be given verbally to the pharmacist by the doctor, although such instruction must be followed up by a written prescription within 7 days. Under the proposed guidelines, Cannabis sold \"on the street\" will remain a Schedule 7 substance and be prohibited. Protext Pharma anticipates that its Phytofare® Cannabinoid extract will be non-psychoactive and thus fall under the Schedule 4 classification.\n This announcement follows the Medicines Control Council's (MCC) proposed guidelines for growing cannabis for medicinal purposes, which was published for comment in March 2017. In last week's Medical Innovation Bill (Cannabis guidelines) briefing of the portfolio committee on health, Dept. of Health (DoH) Deputy Director Law Enforcement, Griffith Molewa, said they would approve regulations in the next few weeks. The MCC indicated that licenses would be issued thereafter.\n Roger Baylis-Duffield, Chief Executive Officer of Protext Pharma, commented, \"From where we sit, the cannabis reclassification is a very positive development and it's encouraging to see South Africa take a leading role in recognizing the potential medical benefits of cannabis and pave the way for new research. South Africa is one of only a few countries around the world to have achieved governmental support for the legalization of cannabis for medical use. There is a growing body of evidence indicating cannabis can help regulate the endocannabinoid system, which explains its pe...