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CannaBANK Acquires Rights to License PharmaSphere's Patented Growth System
Date:4/12/2012

SAN DIEGO, April 12, 2012 /PRNewswire/ -- CannaBANK Inc. is proud to announce it has acquired from PharmaSphere, LLC the rights to purchase the exclusive worldwide license for the use of TerraSphere Systems patented technology for any cannabis, hemp or cannabinoid based plant or product. CannaBANK has created PhytoSPHERE Systems, LLC which will be the license holder and a wholly-owned subsidiary of CannaBANK. The terms of the agreement are as follows:

CannaBANK has paid for an agreement to purchase the right to license PharmaSphere's patented technology.  Under the terms of the agreement, CannaBANK must pay an additional sum of $250,000 to purchase the license within 6 months and an operational facility must be in place by the end of the following calendar year. When the first facility is operational under these terms CannaBANK will have the exclusive worldwide rights for an unlimited number of additional facilities under very favorable terms.

"PharmaSphere is pleased to be moving forward on this long anticipated transaction. Our Patented Technology is an incredible leap forward in control, efficiency, report-ability and consistency for this multi-Billion dollar growth industry," said a spokesman for PharmaSphere.

"We are very pleased to have finalized this transaction. Now we can focus on developing facilities that will utilize the panted technology. This will truly make us the World's only pharmaceutical grade provider of organic cannabinoid based compounds," stated a CannaBANK representative.

ABOUT PHARMASPHERE, LLC

PharmaSphere, LLC is a biotechnology company that utilizes the TerraSphere technology to produce high-value, plant-based biocompounds for pharmaceutical and nutraceutical markets.  Using the TerraSphere System allows PharmaSphere to achieve full environ
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SOURCE CannaBANK Inc.
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