Axim Biotechnologies Inc. (OTCMKTS:AXIM) has announced that they have received a seventh private label purchase order for the company’s proprietary CBD chewing gum in the past five months. The purchase order equals products sales of chewing gum of around $900,000.
Growing reordering a result of increase in global demand
Following the latest purchase orders the company has experienced a positive increase in sales as well as growth in its nutraceutical division which has thus increased its revenue. The CBD market is growing fast and it is estimated to be around $22 billion globally by 2022. This represents huge business opportunities for AXIM and its CBD-based chewing within the US market and beyond.
John W. Huemoeller II the AXIM CEO stated that the company’s patented cannabinoid based chewing gum which is produced with full-spectrum hemp CBD oil has been received exceptionally by consumers. There has been an increase in reordering form the company’s customer who wants to keep up with the pace of global demand for the CBD gum.
The CEO further indicated that AXIM is in the process of building out its nutraceutical division and with increase in global demand the company is confident that its unique product line as well as addition of other new products will enhance consumer demand. AXIM expects that with growing consumer demand the company will receive more purchase orders throughout 2019 and going into the future.
AXIM creating a niche in the CBD market
The company is creating a niche market for itself with its patent on CBD chewing gums alongside the patents for oral compositions that they acquired recently that contain CBD and topical cream. The chewing gum that is formulated with full-spectrum oil through the AXIM’s proprietary manufacturing technology that creates enhances the delivery mechanism thus improving absorption and bioavailability.
AXIM deals with research and development of CBD-based nutraceutical products and pharmaceuticals. They have a strong intellectual property portfolio and currently the company is focused on development of clinical programs that will enhance efficacy of the products while lowering side effects.