New York-based AXIM Biotechnologies (OTC: AXIM), a cannabinoid R&D firm focusing on delivery systems, announced in late August it signed an exclusive distribution and license agreement with Revive Therapeutics Ltd. (TSX: RVV) (OTC: RVVTF), a specialty cannabis R&D company, to begin selling AXIM’S proprietary, CBD-containing nutraceutical product throughout Canada.
According to Deloitte, the legal cannabis industry in Canada could surge by 58% and generate over $4 billion in sales in its first year.
Revive will seek regulatory approval for AXIM’s proprietary, controlled-release chewing gum containing hemp oil-derived CBD. Revive will also have a minimum purchase amount annually, which increases each year for the term of the agreement.
“We…hope this will create a new revenue stream for both companies and fill a void in quality, tested and proven CBD products for consumers there,” said George E. Anastassov, CEO of AXIM.
In its natural form, cannabinoids are lipophilic, not water-soluble and tend to stick to the chewing gum matrix, diminishing effective release. Microencapsulation makes cannabinoids soluble and increases the bioavailability of CBD.
AXIM’s flagship products include MedChew Rx®, a combination CBD/THC gum that will undergo clinical trials for the treatment of multiple sclerosis; MedChew® Dronabinol which will undergo a bioequivalence study to fast track through FDA as an alternative to approved Marinol; and CanChew RL, which will undergo clinical trials for treatment of restless leg syndrome.
Revive Therapeutics Ltd. (TSX:RVV) (OTC:RVVTF) is a specialty cannabis company focused on the R&D and commercialization of novel cannabinoid-based products and therapies.
Source Axim press release