BOULDER, CO -- (Marketwired) -- 09/11/15 -- Peak Pharmaceuticals, Inc. (OTCQB: PKPH) ("Peak Pharma" or the "Company"), a dedicated proponent of research, development, sales and marketing of safe, hemp-based supplements, today reports on recent regulatory advisements which impact sales of CBD and cannabinoid containing products for animals.
As part of the Company's public disclosure responsibilities, Peak Pharma wishes to advise it has recently been informed that products containing CBD or cannabinoids have been prohibited from promotion and sale on Amazon. This has stopped the sale of Peak Pharma's animal products through this channel. Furthermore, the Company has received state level advisories requiring a halt of product sales to residents of Colorado and New Mexico subject to the attainment of a category-specific certification requirement for certain products made with hemp.
Dr. Soren Mogelsvang, President and CEO of Peak Pharmaceuticals, states, "Our products remain available for sale via our online, retail and veterinary outlets, except in Colorado and New Mexico. We are in discussion with industry consultants and legal advisors in order to determine what options are available to us regarding these recent regulatory events. We have no idea if these actions are being applied equally to other companies in our growing industry, but this new position of the governing agencies represents a new and potentially significant obstacle for all of us. Although these sorts of actions and challenges are expected in an emerging industry such as ours, these recent developments have prompted us to re-evaluate our product plans and long-term corporate strategy. We intend to continue building on our successful pet products and will conscientiously report on events as we move ahead."
Additional details and notes relating to the Company's finances and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer with the Securities and Exchange Commission ("SEC") available at www.sec.gov. For more information please visit www.peakpharma.com.
About Peak Pharmaceuticals, Inc. (OTCQB: PKPH)
Peak Pharmaceuticals, Inc. specializes in the development, manufacturing, sales and marketing of pharmaceutical-grade, hemp-based nutraceutical and supplement products for the human and animal health markets. The company aims to become a global leader in the research, development, sales and marketing of medicinal hemp and cannabinoid products. For more information visit www.peakpharma.com and follow us on Facebook, Twitter and LinkedIn.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the availability of additional funding; the early-stage nature of the industry sector; regulatory changes affecting the sale, transport or consumption of Cannabidiol or hemp based products by humans or animals; commercial impacts to the Company's business, related agreements, product development, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, the Company's current reports on Form 8-K. The Company does not undertake to update these forward-looking statements. FDA Disclosure: The statements in this news release have not been evaluated by the Food and Drug Administration (FDA). The products and statements mentioned in this release are not intended for humans, or to diagnose, treat, cure, or prevent any disease.
For additional information, please contact:
Peak Pharmaceuticals, Inc. Investor Relations
E: investors@peakpharmaceuticals.com
T: +1 (800) 713-9091
www.peakpharma.com
