OWC Pharmaceutical Research Corp. (OTC: OWCP), a developer of cannabinoid-based therapies and provider of consulting services to governments, recently announced that its One World Cannabis subsidiary entered into an agreement with G.C. Group to develop new formulations and delivery methods targeting several different medical indications.

“We are very excited about the work we are doing with the experts at G.V. Group,” said One World Cannabis’ Director of Research & Regulatory Affairs Yehuda Baruch in the press release making the announcement. “This collaboration acknowledges our focused research efforts not only on novel formulations of cannabinoid-based therapies, but also on novel delivery mechanisms.”

Under the terms of the agreement, G.C. Group Ltd., an Israeli pharmaceutical R&D company, will develop cannabinoid-based oil formulations that will be tested with a number of unique delivery methods. One World Cannabis will continue its R&D efforts aimed at identifying cannabinoid-based therapies targeting a wide array of indications that incorporate these various delivery methods.

One World Cannabis also plans to continue collaborating with other industry partners and leading academic medical centers to develop, research, product, and commercialize novel cannabinoid-based therapies to help patients in need.

Earlier this month, the company announced the preliminary results from its study of CBD and THC on multiple myeloma cells. The basic science phase of the study began several weeks ago at the Sheba Academic Medical Center and the initial public results are expected to be released within two months, according to the milestones established by the medical center that’s running the program.

Shares of OWC Pharmaceutical Research Corp. jumped nearly 6% in early trading on Wednesday, April 22, 2015 following the news release.

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