NEW YORK, Aug. 27, 2018 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (“AXIM® Biotech or the “Company”) (OTC: AXIM), a world leader in cannabinoid research and development, today announced that it has signed an exclusive distribution and license agreement with Revive Therapeutics Ltd. (“Revive”) (TSX VENTURE: RVV) (OTCQB: RVVTF) (FSE:31R), a specialty cannabis company focused on the research, development and commercialization of novel cannabinoid-based products and therapies, to begin selling the Company’s proprietary, unique cannabidiol (CBD)-containing nutraceutical product throughout the rapidly expanding Canadian cannabis market.
The agreement defines a relationship where Revive will seek regulatory approval for AXIM® Biotech’s proprietary, controlled-release functional chewing gum that contains full-spectrum hemp oil-derived CBD. Under the terms of the agreement, Revive will have a minimum purchase amount annually, which increases each year for the term of the agreement.
“We have been working closely with Revive, our new distribution partner, to develop the best position for AXIM and Revive to successfully enter the emerging, robust market in Canada and meet the increased demand for high-quality CBD products,” said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM® Biotechnologies. “We are excited to bring our nutraceutical product offering to the Canadian market and 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.”
According to Deloitte, the legal cannabis industry in Canada has the potential to generate over $4 billion in sales within its first year. Deloitte also projects that total estimated consumer spend could surge by as much as 58%.
In its natural form, cannabinoids are lipophilic, not water-soluble and tend to stick to the chewing gum matrix, therefore diminishing effective release into the bloodstream. Microencapsulation renders cannabinoids soluble and dramatically increases the bioavailability of CBD, while largely bypassing the first pass hepatic metabolism.
To learn more about AXIM, please visit the company’s website: https://aximbiotech.com/.
About AXIM® Biotechnologies
AXIM® Biotechnologies, Inc. (AXIM) is an innovative biotechnology and pharmaceutical company focusing on research, development and production of cannabinoid-based pharmaceutical and nutraceutical products. AXIM’s flagship products include MedChew Rx®, a combination CBD/THC gum that will undergo clinical trials for the treatment of pain and spasticity associated with Multiple Sclerosis (MS); 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. At AXIM, we prioritize the wellbeing of our customers while embracing a solid fiscal strategy. For more information, please visit AXIMBiotech.com.
About Revive Therapeutics Ltd.
Revive Therapeutics Ltd. (TSX VENTURE:RVV)(OTCQB:RVVTF) is a specialty cannabis company focused on the research, development and commercialization of novel cannabinoid-based products and therapies. Additional information on Revive is available at www.ReviveThera.com.
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