ALBUQUERQUE, N.M., March 30, 2016 /PRNewswire/ -- Ultra Health, the largest and leading medical cannabis operator in New Mexico, has announced a joint venture with Panaxia Ltd, a pharmaceutical company based in Israel. Israel is recognized as the global center for cannabis-related research. The firms concluded an agreement after a 14-month negotiation and due diligence process. Panaxia will be providing smokeless proprietary cannabinoid dosage and treatment protocols not readily available in the U.S. in order to manufacture state-of-the-art products to treat a number of illnesses. The two companies will be building a production facility that implements Panaxia's technology including advanced validated analytical systems and Good Manufacturing Practices (GMP) production protocols.
The new smokeless designed cannabis products will provide better delivery systems for patients and physicians with regard to safety and dosage. The products will be beneficial to current chronic conditions requiring ongoing dosing such as PTSD, chronic pain, cancers, neuropathy pain, epilepsy, anorexia and HIV/AIDS. The U.S. legal cannabis market is expected to grow by 25% in 2016 to $6.7 billion. It is estimated that nearly one third of the market will likely be smokeless cannabis products.
Ultra Health's new line of medical grade cannabis products will be manufactured using safer, state-of-the art extraction methods. The new products (available in 5 milligram [mg.] and 10 mg. dosages, including 30 count packets) to improve efficacy include:
- Sublingual Tablets – Sublingual tablets offer faster delivery as well as more efficient bioavailability compared to other smokeless ingestion;
- Rectal Suppositories – Suppositories allow for rapid absorption and less degradation of the product. This will be beneficial for patients vomiting or unable to swallow;
- Vaginal Suppositories – For topical, intra-vaginal delivery; and
- Oral Spray Inhalers – Inhalers are both convenient and deliver fast acting relief. They provide a method of delivery that is dosage specific.
Dr. Dadi Segal, Panaxia Business Development Manager commented, "Panaxia is part of an organization that has been active in the Israeli and global pharmaceutical industry for more than 40 years. Since we established Panaxia, in 2010, we constantly strive to bring the strictest protocols and most advanced technology available in the pharma industry to the production of our cannabis based products. At Panaxia, we believe that medical cannabis products should be developed and manufactured under the highest standards and quality assurance levels like any other pharmaceutical product. We are happy to move forward into bringing smokeless, exact and reproducible dosing capabilities for medical cannabis products to the U.S. market."
The continued expansion and use of medical cannabinoids to treat a number of illnesses requires advanced pharmaceutical-grade products. The further expansion of approved medical conditions will make the demand for the newly developed Panaxia products especially helpful in the treatment of anticipated conditions including: diabetes which disproportionately affects New Mexico's Native American and Hispanic populations, cardiovascular disease, opioid addiction, and autism (Pennsylvania is set to become the first state to include autism as an approved condition). Additionally, the new products will address the movement in certain states, such as New York, to require physicians to make dosage specific recommendations.
"At Ultra Health, our mission is to provide superior-quality and affordable medical grade cannabis to New Mexico patients," remarked Duke Rodriguez, President and CEO of Ultra Health. "Ultra Health is driven by compassionate innovation and supported by science and technology. It is important that we develop new products in anticipation of meeting the rapidly growing patient and provider demands." Much of the anticipated demand is based upon the highly regarded research of Dr. Raphael Mechoulam of the Hebrew University of Jerusalem, funded through the National Institute of Health (U.S.), showing the effectiveness of medical cannabis in treating a number of illnesses.
About Ultra Health
Ultra Health is a turnkey solutions provider for the specialty healthcare cannabis industry, with operations and facilities in Arizona, New Mexico and Nevada. From retail dispensaries to commercial-scale cannabis production, Ultra Health offers the unmatched technical expertise, proprietary business tools and deep industry knowledge to fulfill the specific requirements of any project related to the cannabis industry. Ultra Health partners with a broad spectrum of businesses and Tribal Nations to design formulate and manage cannabis-related economic development opportunities that are profitable, scalable and mutually beneficial.
About Panaxia Ltd
Panaxia Ltd is a research and development company as well as a manufacturer of medical devices and pharmaceuticals. They employ a team of researchers holding Masters and Doctorate degrees in Chemistry, Biology and Pharmacy from leading Israeli universities. Panaxia has developed more than 30 formulations, most of them having already been registered as medical products and have reached the market. These products include various indications and dosage forms, many of them are topical preparations (e.g. dermal, vaginal, nasal and otic). Panaxia handles all aspects of product expansion starting from formulation development, registration at the Israeli Ministry of Health and, if required, with the U.S. FDA, clinical trials and finally manufacturing of the licensed product on an industrial scale. Panaxia has been developing and manufacturing in Israel smokeless cannabis dosage forms which include: extracts, tablets and inhalers since 2010.
SOURCE Ultra Health