C3 Pharmaceuticals, Inc., a California-based cannabinoid-focused biopharmaceutical company, announced plans to list on the Canadian Securities Exchange. The company has secured a CAD$135 million commitment from GEM Global Yield LLC SCS to expand manufacturing operations and introduce its cannabis-based tablet, Idrasil, to the U.S. and international markets.
Idrasil is designed to help patients manage various conditions, including chronic pain, ADD, Alzheimer's, cancer, sleep disorders, mental health issues, and withdrawal from opioid addiction, while maintaining sobriety and lucidity. CEO Steele Smith III described Idrasil as a "highly disruptive medical advancement" and acknowledged legal and bureaucratic hurdles in bringing it to market and securing insurance approvals.
C3 Pharmaceuticals is involved in a long-running lawsuit filed by the Securities and Exchange Commission against C3 International, Inc., co-founded by Smith and his wife Theresa. The lawsuit alleges violations of securities laws. C3 International and the Smiths have appealed a July 17 order imposing a default judgment and penalties.