DENVER – October 10, 2018 – Phoenix Life Sciences International Limited (OTCMarkets: MJMD) (“Phoenix Life”), an international adaptive healthcare solutions company, today announced that the company has received approval from the Vanuatu Investment Promotion Authority (VIPA) to establish operations in the country and manufacture botanical pharmaceutical products.
The Republic of Vanuatu, an island chain in the South Pacific, is the target of the company’s first major production center. Phoenix Life is the first botanical researcher and producer to receive such approval in this nation. This significant milestone brings Phoenix Life closer to launching local clinical trials and production for its botanical pharmaceutical and nutritional products targeting the treatment of various indications.
“This is a major step for the company and our operations in Vanuatu,” said Chief Executive Officer of Phoenix Life Martin Tindall. “With this application approval, we can begin to establish the necessary resources required to initiate clinical trials and develop scalable production capacity for our botanical pharmaceutical medications and begin leading the global health initiative to end the diabetes epidemic.”
According to a new research study published by Global Market Insights, Inc., the U.S. medical marijuana market is poised to surpass $8 billion by 2024. According to the same study, that’s a 60% contrast to the $5 billion that the medical marijuana market was valued at in 2016.
Phoenix Life aims to improve overall international health while reducing the cost of providing medical services and treatments. The company plans to partner with the single-payer healthcare systems in established and emerging economies in order to bring botanical pharmaceuticals to market.
“In the coming weeks, we anticipate many more substantive business updates and announcements on how we are continuing our expansion and are creating change,” continued Tindall. “It’s very nice to have the support of this governing body and we look forward to the support of other government agencies in Vanuatu, and in other countries to follow.”
For more information about Phoenix Life, please visit https://www.plsi.co/.