SAN DIEGO, May 3, 2017 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, announced today that its major investment company AXIM® Biotechnologies, Inc.'s (AXIM® Biotech) (OTC: AXIM) product development partner Quay Pharmaceuticals Ltd. ("Quay Pharma") has obtained the relevant licenses from the British Home Office to import and work with the controlled drugs that are required to continue the development of AXIM MedChew Rx® pharmaceutical chewing gum products.
MedChew Rx® is being developed as a pharmaceutical drug to treat pain and spasticity associated with multiple sclerosis (MS). It is formulated with 5 mg of cannabidiol (CBD) and 5 mg of tetrahydrocannabinol (THC).
The value of the MS treatment market is estimated to reach $20 billion by 2024, according to research firm GlobalData. This growth is primarily driven by the continued development of new products and an increase in diagnosis rates across major market areas.
AXIM Biotech works with its partners to procure cannabis strains, extract and purify the strains into pharmaceutical-grade cannabinoids, develop and produce the cannabinoid-containing chewing gum products and afterwards undertake clinical trials. All processes are based on AXIM's proprietary IPs.
Specifically, AXIM Biotech procures cannabinoid strains from the Dutch Government's Office of Medicinal Cannabis (OMC), which is produced by Bedrocan B.V. at the world's only GMP-certified facility for pharmaceutical grade cannabis. AXIM Biotech has co-developed patented extraction and purification methods for 99.9% purity pharmaceutical-grade cannabinoids with Syncom B.V.
"We are excited that AXIM Biotech, where MJNA owns a significant interest, has embarked on this development process with Quay Pharma, which is highly-regarded in the pharmaceutical industry for its formulation development expertise. This partnership will ensure that the formulation of Med Chew RX® gum will provide the best therapeutic outcome for patients," said CEO of Medical Marijuana, Inc. Dr. Stuart Titus. "This endeavor, which is part of AXIM's current focus on development of MedChew chewing gum formulations will ensure its products comply with all FDA/EMA regulations, is a crucial step forward to achieve AXIM's goal of completing Phase 3 clinical trials in early 2018."
"With MedChew RX® gum, which a Dec. 2016 Reuters article said had a potential economic impact of $4.8 billion USD, AXIM provides a rare medical delivery method, soon to change the dialogue surrounding the way that medicines are delivered to patients worldwide," added Dr. Titus. "We are once again very proud of the AXIM team for moving one step closer to bringing this product to market."
About Medical Marijuana, Inc.
Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value. For details on Medical Marijuana, Inc.'s portfolio and investment companies, visit www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.'s video statement, click here.
Shareholders are also encouraged to visit the Medical Marijuana, Inc. Shop for discounted products.
AXIM® Biotechnologies, Inc. (OTC: AXIM) focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. Our flagship products include CanChew®, a CBD-based controlled release chewing gum, and MedChew Rx, a combination CBD/THC gum that is undergoing clinical trials for the treatment of pain and spasticity associated with multiple sclerosis. We prioritize the well-being of our customers while embracing a solid fiscal strategy. For more information, please visit www.AXIMBiotech.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Axim Biotechnologies, Inc. to be materially different from the statements made herein.
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SOURCE Medical Marijuana, Inc.