Published On: Mon, Mar 27th, 2017

Rich Pharmaceuticals Inc (OTCMKTS:RCHA) To Launch CannCodex

Rich Pharmaceuticals Inc (OTCMKTS:RCHA) has reached deal with I Tech Health Corp. to establish a subsidiary and release CannCodex to serve the Medical Cannabis industry and provide services and data to pharmaceutical firms globally. The strategic measure was identified as company’s management has been reached by various players in the Cannabis market seeking assistance in establishing a strategy regarding FDA nod of MMJ products.

The update

Ben Chang, the CEO of Rich Pharmaceuticals, reported that a considerable number of executives in the Cannabis market consider that course government may follow to regulating the market nationally is to lead all producers into a regulatory structure like the FDA. They consider that formulating a database and offering linked advisory services can help them close the period between now and when their product pipeline commences to generate its revenue stream.

Rich Pharmaceuticals is a biopharma firm focused on commercializing and developing innovative treatments in oncology. The firm is in Phase 1/2 clinical studies for the cure of Acute Myelocytic Leukemia and Myelodysplastic Syndrome. The terms of the deal with I Tech Health Corp., and an agreement copy, were reported in the firm’s Current Report filed on Form 8-K with the Securities and Exchange Commission in this month.

Earlier, Rich Pharmaceuticals reported that it has finalized new financing deals with GHS Investments, LLC. The investments will be done via an equity purchase deal and registration rights deal that offers for the sale of as many as $2 million in shares of the firm to GHS Investments, LLC.

GHS Investments obligation to purchase the shares is subject to specified conditions mentioned in the financing deals, including the submission of a registration statement with the SEC and the effectiveness of this registration statement. Ben Chang, the CEO, mentioned that they are thrilled to start their new association with GHS Investments and consider this will be a measure in the right direction.

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