Range Impact Announces Sale of Cannabinoid Drug Development

CLEVELAND, OHIO, Oct. 2, 2024 (GLOBE NEWSWIRE) — Range Impact, Inc. (OTC: RNGE) (“Range Impact” or the “Company”), a publicly traded company dedicated to improving the health and well-being of people and the planet through a novel and innovative approach to impact investing, announced the sale its development of cannabinoid medicines as part of its strategic plan to focus on the acquisition, reclamation and conversion of mining lands in the Appalachian Mountains.

Sale of Graphium Biosciences

On September 30, 2024, the Company sold all common shares of its wholly owned subsidiary Graphium Biosciences, Inc. (“Graphium”) to Placer Biosciences, Inc. (“Placer”), a newly formed biotech drug development company led by Dr. Brandon Zipp and Richard McKilligan, Graphium's chief science officer and chief financial officer, respectively. In return, the Company received warrants convertible into 25% of Placer's common stock, a de minimis amount of cash, and 50% of the proceeds of any non-core scientific laboratory equipment sold over the next 12 months.

Graphium includes all of the Company's legacy cannabinoid drug development assets, including intellectual property, approvals and laboratory equipment used in connection with the development of early-stage cannabinoid-based therapeutics for the treatment of gastrointestinal diseases such as Crohn's disease and colitis , but without the psychoactive side effects often seen with other cannabinoid treatments.

In recent years, the Company has pursued two simultaneous value creation opportunities by continuing to expand its legacy drug development assets in Graphium while building a new environmental services business focused on generating current cash flow through the acquisition, reclamation and repurposing of mining sites in Appalachia , to monetize the company's large tax loss carryforwards and create long-term value for its shareholders.

After a close review and study of the status of both corporate strategies and the current market environment, the Company's Board of Directors concluded that it is in the best interest of shareholders to separate these two distinct businesses through the divestiture of Graphium in a transaction that is so is structured to preserve the potential to create value for the company's shareholders and retain the environmental services business.

Michael Cavanaugh, Chief Executive Officer of Range Impact, stated: “We are pleased to work with Brandon and Richard given their experience over the past decade in developing this unique non-psychoactive cannabinoid therapeutic that represents a large and unmet market opportunity Cavanaugh added, “We are excited about the future of our cannabinoid drug platform in the hands of Brandon and Richard and remain committed to supporting them in their vision at Placer Biosciences.”

Dr. Brandon Zipp, President and Chief Executive Officer of Placer Biosciences, stated, “As the originators and developers of these medicines, we are committed to advancing them through clinical development and developing a novel therapeutic that will improve the lives of patients struggling with these medicines , improved.” debilitating inflammatory diseases of the gastrointestinal tract.” Dr. Zipp added: “We are deeply grateful for Range's support and this strategic transition allows us to focus more on our core competencies to bring new therapies to market for patients in need of breakthrough treatments.” We “We are excited about what the future holds for our company and look forward to advancing our novel cannabinoid therapies over the next few years.”

About Range Impact, Inc.

Headquartered in Cleveland, Ohio, Range Impact is a publicly traded company (OTC: RNGE) dedicated to improving the health and well-being of people and the planet through a novel and innovative approach to impact investing. Range Impact owns and operates several complementary operating companies focused on developing long-term solutions to environmental, social and health challenges, with a particular emphasis on the acquisition, reclamation and conversion of mine sites and other undervalued lands in economically disadvantaged communities in the Appalachian Mountains. Range Impact takes an opportunistic approach to impact investing by leveraging its competitive advantages and seeking to solve old problems in new ways. Range Impact strives to invest its capital wisely in strategic opportunities that are expected to have a positive impact on the human-planet ecosystem and generate high investment returns for its shareholders.

Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors that could cause actual outcomes and results to differ materially from those expressed in such statements. These factors include, but are not limited to, the inherent uncertainties associated with new projects and companies in development, the timing of clinical trials and product development, business strategy and new lines of business. These forward-looking statements are made as of the date of this press release and we undertake no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that all beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be correct. Investors should consult all information set forth herein and also refer to the disclosure of risk factors in our Annual Report on Form 10-K for the most recent fiscal year, our Quarterly Reports on Form 10-Q and other periodic reports filed from time to time the Securities and Exchange Commission.

Range Impact, Inc.
Investor relations
P: +1 (216) 304-6556
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