Kannalife Sciences Inc., a Doylestown pharmaceutical company that researches cannabis, became public last week after it was acquired by a California-based web design company.
TYG Solutions Corp. acquired 99.7 percent of the issued and outstanding market shares of Kannalife, according to TYG’s website.
Founded eight years ago, Kannalife was an early pioneer in pre-clinical research of cannabidiol, also known as CBD, for certain disorders.
Kannalife holds two licenses with the National Institutes of Health to research and develop cannabinoid-based therapeutics to treat hepatic encephalopathy and chronic traumatic encephalopathy, or CTE, a degenerative neurological disease caused by repeated head trauma.
Nick Lowery, a former three-time NFL Pro Bowl and Kansas City Chiefs placekicker, joined Kannalife’s corporate advisory board and often speaks about the company’s efforts to find a clinically approved treatment for CTE.
“While we certainly don’t consider ourselves an ‘anything cannabis’ company, we haven’t lost sight of the fact that Kannalife was among a select few companies in the pharmaceutical space to approach drug development in cannabinoid therapeutics,” Dean Petkanas, CEO of Kannalife, said in a statement.
Now as a publicly traded company and subsidiary of TYG, Kannalife will continue its research “into disruptive cannabinoid-based therapeutics for neurodegenerative and oxidative stress-related diseases,” he said.
In May, Petkanas and Doug Brenneman, a scientist at Kannalife, were interviewed on a Dateline NBC special, “Growing Promise,” about the company’s patented work on CBDs and how it can protect the brain from neurotoxins, neurodegeneration and potentially treat diseases such as CTE and traumatic brain injury.