OWC Pharmaceutical Research Corp. (OTCMKTS:OWCP) Files An 8-K Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement.

On April 21, 2017, OWC Pharmaceutical Research Corp.’s
wholly-owned Israeli subsidiary, One World Cannabis Ltd
(collectively, the Company or OWC) served written notice on
Medmar LLC(Medmar) of OWC’s determination to prepay the loan by
Medmar to OWC in the principal amount of $300,000. Reference is
made to the Company’s Form 8-K filed with the SEC on September
30, 2016 and to the Loan Agreement between OWC and Medmar, filed
as Exhibit 10.9 to the September 30, 2016 Form 8-K. to Sections 4
and 5.3 of the Loan Agreement and based upon the full repayment
of the non-recourse, non-interest bearing and non-convertible
loan, OWC has elected to exercise what it believes is its
absolute right to terminate certain distribution rights granted
to Medmar under the loan agreement .

Item 8.01. Other Events.

The Company is filing this Current Report on Form 8-K announcing
that it is publishing a press release titled OWC Pharmaceutical
Research Announces Update on Multiple Myeloma Study, tomorrow,
May 3, 2017. The press release, attached as Exhibit 99.1 hereto,
reports OWC’s intention to continue its testing and study of its
cannabinoid-based therapies on the treatment of multiple myeloma.

The next phase of the study, which is based upon the promising
results of OWC’s earlier in-vitro studies of its unique formula
of cannabinoid-based therapies targeting cells, is to investigate
the doses and diverse delivery systems, [e.g. per os/oral vs. per
rectum] to best determine the most effective dosages and means of
delivery for thefuture planned study on human patients, pending
receipt of regulatory approvals. The Company expects that the
continued study will be completed during Q3 of this year.

Dr. Yehuda Baruch, the Company’s Chief Science Officer and
Director of Research and Regulatory Affairs of OWC, stated that
this unique study, which we designed to pursue and secure FDA
orphan designation status, will hopefully open ways to improve
the quality of life of multiple myeloma patients while at the
same time potentially enhance response to various multiple
myeloma treatment regimes.

Item 9.01 Financial Statements and Exhibits.

(a) The following documents are filed as exhibits to this report
on Form 8-K or incorporated by reference herein. Any document
incorporated by reference is identified by a parenthetical
reference to the SEC filing that included such document.

About OWC Pharmaceutical Research Corp. (OTCMKTS:OWCP)

OWC Pharmaceutical Research Corp. is a medical cannabis research and development company. The Company is engaged in the research and development of cannabis-based medical products (the Product Prospects) for the treatment of multiple myeloma, psoriasis and fibromyalgia, as well as development of a cannabis soluble tablet delivery system that has applications for other indications. The Company also provides consulting services to governmental and private entities to assist them with developing and implementing various medical cannabis programs. As of September 30, 2016, the Company was engaged in two business activities: work with GUMI to commercialize and market the Company’s Electromagnetic Percussion Device (the Device), and research and development of Cannabis-based medical products for the treatment of a range of medical conditions and/or diseases, such as multiple myeloma, psoriasis, post-traumatic stress disorder (PTSD) migraines and a delivery system.

OWC Pharmaceutical Research Corp. (OTCMKTS:OWCP) Recent Trading Information

OWC Pharmaceutical Research Corp. (OTCMKTS:OWCP) closed its last trading session down -0.055 at 0.875 with 878,681 shares trading hands.