Axim Biotechnologies Inc (OTCMKTS:AXIM) and Revive Therapeutics Ltd have signed an exclusive distribution and license agreement. Revive Therapeutics is a Canadian cannabis companies focused on research, development and marketing of novel cannabis products and therapies.
Terms of the agreement
Under the agreement, Revive Therapeutics will be in charge of distributing and selling Axim Biotechnologies unique unique cannabidiol (CBD)-containing nutraceutical product in the Canadian cannabis market. This agreement further defines the relationship between the two companies in which Revive will apply for regulatory approvals to be the main supplier of AXIM® Biotech’s proprietary, controlled-release functional chewing gum. These chewing gums are made with full-spectrum hemp oil-derived CBD. According to the agreement, Revive will have an annual purchase minimum, which will increase by a certain percentage every year.
In a statement, AXIM® Biotechnologies CEO George E. Anastassov said that the two companies have a close working relationship. He says the two companies have worked together to enter into the robust Canadian cannabis market. According to George, the entry into Canada has been motivated by the fact that there is a big increase in the demand for premium-quality CBD products.
He added that they are happy to finally launch their nutraceutical products into Canada and they are optimistic that the move will help expand the market and create a new revenue stream for the two companies.
A report by Deloitte, the Canadian cannabis industry has the ability to generate more than $4 billion in sales in the first year. Additionally, Deloitte has also projected that the total consumption of cannabis product will go up by 58%.
Axim® Biotechnologies Announces Positive Results From Tests On Medchew Rx
In other news, Axim has announced positive outcome from stability and dissolution tests carried out on MedChew Rx®, the company’s prime drug candidate. The product is scheduled to undergo clinical studies for pain relief and spasticity in Multiple Sclerosis (MS) patients.
Results have indicated that the primary Active Pharmaceutical Ingredients (APIs) in MedChew Rx™ remained active and stable throughout the whole test. There was also more than 90% availability of APIs.