Bazelet™ issues Licensing agreement for non-psychoactive cannabis production for the FDA and Florida legislative involvement

11/17/2021, 7:33 PM (Source: GlobeNewswire)

ORLANDO, Fla., Nov. 17, 2021 (GLOBE NEWSWIRE) -- Neon Bloom, Inc. (OTC: NBCO) Bazelet Health Systems (the Company or Bazelet), a wholly owned subsidiary of Neon Bloom, announced it has executed a licensing agreement with Floresta, LLC in Tallahassee, Florida, to manufacture Panakeia™ plants, Bazelet’s US plant patent cannabis genetics (US PP32,725 P2), at its state-of-the-art greenhouse and breeding facility in Florida’s capital city.

Panakeia™ plants produce 0.00% tetrahydrocannabinol (THC) making it the first and only federally legal cannabis plant. Panakeia™ is a new and distinct sub-species of the cannabis sativa (L.) plant, it is scientifically different than hemp and marijuana.

The Tallahassee built Panakeia™ plants will support Bazelet’s ongoing and escalating relationship with the FDA and applications it is working on with two FDA agencies. Bazelet™ regularly provides FDA expansive, intentional transparency about its scientific and clinical research initiatives as well as its commercialization efforts in the US. Last year, Bazelet™ leadership met the Commissioner and several Deputy Commissioners and Directors of the FDA about the science and safety of cannabis products derived from 0.00% THC, 0.00% CBD cannabis plants for lawful use in food, drug and cosmetics. Efforts are now escalated, and Bazelet™ is manufacturing Panakeia™ plants that support FDA’s ongoing rigorous scientific and evidence-based research.

Earlier this week, Federal food and drug regulators addressed the hemp industry directly for the first time since 2019. Grail Sipes, acting cannabis-product committee chair with the U.S. Food and Drug Administration (FDA), reiterated the agency’s position that it needs additional CBD research and safety data before it can be considered for uses beyond prescription drugs, such as a food additive or dietary supplement.

“We continue to underscore the need for evidence to support the science, safety profile and quality of CBD and cannabis-derived products,” Sipes told the National Industrial Hemp Council in Washington DC. “FDA’s approach … with respect to these products has been the same as it’s always been – evidence based and data-driven,” she said.

Jessica Wasserman, a Washington DC-based cannabis attorney, recently told the FDA, “People are pretty well aligned that they don’t want (drugs) in food to be consumed in products that can’t be controlled. This has enough risks. …. Health and safety components have to be worked through.”

“I am pleased the Tallahassee facility was selected as the site for these most important plant production activities. We've taken great measure to identify an organization with the proper facilities, licensing, and experience to produce our special plants,” said Bazelet co-founder and Director, Michael Elzufon; who went on to say, “Bazelet™ is leading the scientific, medical, consumer and regulatory communities with the world’s first patented, federally legal, non-psychoactive, therapeutic cannabis plants and ingredients. Our work in Tallahassee further demonstrates this commitment.”

In addition to supplying FDA research related work, the Panakeia™ plants manufactured in Tallahassee will be used in the manufacture of Bazelet™, THC-Free, non-psychoactive consumer products and lastly, up to 10% of the plants will be donated to cERI-Florida, a 2022, Florida focused cannabis Education and Research Initiative, led by the Company’s Chief Medical Officer, Dr. Francisco Ward, NBPAS-PM&R/PM.

Floresta’s Director of Plant Science, Carter Marshall, said “Cannabinoids, terpenes and other phytochemicals present in the Panakeia™ plant without the presence of THC create a highly therapeutic plant without risk of being in violation of the Controlled Substance Act or current hemp cultivation regulations. Panakeia™ is a revolutionary and innovate facet for the cannabis industry. Floresta’s state of the art facility in Florida’s capital will provide a convenient and effective platform to educate and inform our communities, academic institutions, and policy makers about the science of legal cannabis. We welcome this opportunity and partnership with Bazelet™. Their profound advancement of THC Free, non-psychoactive cannabis is creating healthy foods, modern medicine, and innovations for our country’s infrastructure and industry. This is truly, a distinctive opportunity with remarkable potential.”

Ryan Kelly, VP of Government Relations for Bazelet™ added, “cERI-Florida’s programming includes science-based research that is not only aligned with, but actually inspired by Dr. Amy Abernathy, former Principal Deputy Commissioner of the FDA, and her statement regarding the FDA being committed to sound, science-based policy on CBD and cannabis derived products. Being so close to our state capitol and multiple large universities will give us the opportunity to educate and inform the public and elected officials of our scientific findings regarding the cannabis sativa L. species from research conducted just blocks away.   We believe the research advancements made by cERI in the agriculture, medical and industrial sectors are immensely beneficial to Florida and to human health.”

About: Bazelet™ is revolutionizing the field of cannabis genome engineering and sequencing and is deeply involved in the scientific, medical, and regulatory communities regarding the cannabis genus. The company is breeding from varieties that are registered and approved globally, including by the EU and AOSCA, and new plant genetics that utilize [CRISPR]Cas9 to further advance our unprecedented cannabis genetics library. Bazelet™ technology empowers limitless applications in disease therapeutics, drug discovery, agriculture, biofuels and more. Bazelet is pinpointing correlations between the genetic effects of certain cannabis strains for optimal medicinal, consumer and industrial application.

About: Floresta, LLC is a Florida company that owns and operates a state-of-the-art plant production facility located in Tallahassee, FL (the “Facilities”). Through its Agreement with Bazelet, Floresta is licensed to manufacturer Panakeia™ plants exclusively for Bazelet (the “License”) via Florida License number 12_210277. As part of the licensing Agreement, Floresta provided tenancy of the Facilities to Bazelet to conduct plant breeding activities and support cERI-Florida, a cannabis Education and Research Initiative focused on the State of Florida.   

Disclaimer: This Press Release is for informational purposes, contains forward-looking statements based on current expectations, forecasts, and assumptions with information available to us as of the date hereof and involve risks and uncertainties. This Press Release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. Actual results may differ materially from those stated or implied in such forward-looking statements. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "would" or similar words. We assume no obligation to update the information included in this Press Release, whether a result of new information, future events or otherwise.

CONTACT: Ryan Kelly

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