Jack Smith, Author at Green Market Report - Page 3 of 5

Jack SmithJack SmithMay 8, 2018
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5min8650

GW Pharmaceuticals (NASDAQ: GWPH) reported mixed second-quarter results on Tuesday after the market close, as revenue came in ahead of consensus but earnings expectations missed the mark by a wide margin.

U.K.-based GW Pharmaceuticals said it lost $3.12 a share on $3.35 million in sales, though the company mentioned the positive outcome of the Epidioled FDA Advisory Committee meeting during the quarter as one of the highlights.

GW’s CEO Justin Gover said that the company’s clinical data demonstrate a bright future for the company.

“The strength and consistency of the clinical data, together with the public presentations that featured very moving personal stories of the challenges associated with managing these difficult forms of epilepsy, led to a unanimous vote in support of approval,” Gover said in a statement. “With our late June FDA decision date nearing, our commercial team is busy preparing to launch Epidiolex in the second half of this year.”

Analysts compiled by Seeking Alpha expected the company to lose $2.48 a share on $3.03 million in revenue during the quarter.

Shares were falling 0.9 percent in after-hours trading to $143.25.

Epidiolex is the company’s pending drug for a number of health issues, including Dravet syndrome, Lennox-Gastaut syndrome (LGS), Tuberous Sclerosis Complex (TSC) and infantile spasms (IS).

Gover noted that if Epidiolex is approved, it would be a huge boon for the company’s cannabinoid platform.

“Should Epidiolex be approved, we believe that this will signal a major vote of confidence in GW’s cannabinoid platform to discover and develop prescription medicines that meet exacting regulatory standards and will serve us to accelerate a number of important pipeline programs that have the potential to offer additional value,” he added.

GW, with a market cap approaching $4 billion, is one of the largest pure-play publicly traded cannabis companies. The company said it ended the quarter with $487.2 million in cash.

The company describes itself as “a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform.”

In addition to the financial results, GW said it had submitted Eipidiolex to the European Medicines Agency during the quarter and expects a decision in the first quarter of 2019.

It also received pre-approval from the DA for its cGMP inspection and did not receive any 483 citations. GW also submitted the second Phase 3 LGS trial for publication, with a paper expected to be released “shortly.” The phase 3 trial for the Tuberous Sclerosis Complex is expected to have data in the first half of 2019.

Shares of GW have bucked the broader downturn in cannabis-related equities in recent months. The Green Market Report Cannabis Company Index fell 21.9 percent in the first quarter, as regulatory concerns, especially in the U.S., weighed on investors’ minds.

GW shares have gained roughly 8 percent since the start of the year and more than 35 percent over the past year, outpacing the gain seen in the broader NASDAQ and S&P 500.


Jack SmithJack SmithApril 30, 2018
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5min20590

The Green Organic Dutchman Holdings (TGOD) said it would boost the size of its initial public offering to $115 million based on increased investor demand. The stock will begin trading on the Toronto Stock Exchange at the market open on May 2, 2018.

Aurora Cannabis, which already owns a stake in TGOD, will be exercising its right to participate in the IPO, which has yet to set a date. Aurora, which already trades on the Toronto Stock Exchange under the ticker symbol “ACB,” owns approximately 17.5 percent in TGOD.

As a result of the added purchases by Aurora, TGOD amended its prospectus, which initially had the company raising $102.2 million, selling 28 million shares at $3.65 per unit. A unit consists of one common share in the company, as well as half of a share purchase warrant. The warrants are exercisable at $7 per share.

TGOD, which refers to itself as a “research and development company” and is led by CEO and Co-Chairman Robert Anderson, will use the funds for general corporate purposes, including helping to build out its facilities in Ontario and Quebec. Currently, it has facilities in Ancaster, Ontario, where it produces cannabis from.

The company was issued a license by Health Canada that allows it to produce dried marijuana, marijuana plants, and fresh marijuana at its 100-acre property near Hamilton, Ontario, and to sell such marijuana products within Canada to Licensed Producers. TGOD has constructed a modular cannabis oil extraction laboratory for the purpose of developing traditional and new extraction technologies and products through research and development.

In addition, TGOD has also applied for a license from Health Canada for the extraction lab. The company has also acquired a 49.99% interest in a Québec company in a 72.4-acre property in Salaberry-de-Valleyfield, QC, that it intends to develop into an
820,000 sq. ft. hybrid-greenhouse cannabis production facility, as well as a 2,700 sq. ft. research and development
breeding facility and a 20,000 sq. ft. flagship licensed dealer facility through a wholly owned subsidiary. TGOD also received a building permit in December 2017 to construct a 2,700 sq. ft. breeding and research facility in Québec that will be used to secure a cultivation License from Health Canada for the Québec Facility.

Investment bank Canaccord Genuity is acting as the sole bookrunner in the offering, which is being co-led with PI Financial, Industrial Alliance Securities Inc., INFOR Financial Inc., Echelon Wealth Partners Inc. and Mackie Research Capital Corporation as agents.

The timing of the upsized offering is curious, especially after cannabis-related equities fell sharply in the first quarter, particularly those based in Canada. However, TGOD  believes it is one of only a few LP’s that provides organic cannabis which provides Canadians with a safer, more sustainable option for cannabis use, especially for medicinal purposes. With concerns over pesticides, organic cannabis is becoming more popular.

Extreme optimism led to investors bidding up cannabis-related stocks in 2017, especially towards the end, but that bubble burst a bit as investors fretted when Canada would legalize cannabis for adult use. Prime Minister Justin Trudeau and his team have hinted that recreational use could start in the fall, as opposed to July, as had been previously thought.

The sharp corrections seen in Canadian cannabis stocks are indicative of the entire cannabis sector in the first quarter. The Green Market Report Cannabis Company Index fell 21.9 percent in the first quarter, as regulatory concerns, especially in the U.S., weighed on investors’ minds.


Jack SmithJack SmithApril 19, 2018
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6min8990

The Green Market Report Cannabis Company Index fell sharply in the first-quarter of the year, dropping 21.9 percent, with only a few components ending the period in a positive manner.

Much of the concern came from an increasingly hostile regulatory environment, as U.S. Attorney General Jeff Sessions rescinded the Cole Memorandum. While the full results of the rescinded memorandum have yet to amount to anything more than tough talk out of Washington, it has put a damper on the sector in the short-term.

There’s also been a cooling of the market in Canada as well, despite extreme optimism from investors that the country would legalize cannabis for adult use. Instead, Prime Minister Justin Trudeau and his team have hinted that recreational use could start in the fall, as opposed to July, as had been previously thought.

Much of the downfall seen in the U.S-based stocks occurred due to a correction in the so-called “California trade,” where investors were buying shares of companies hand-over-fist in anticipation of California’s legalization that began in January. The rollout of the legalization has been bumpy, with legal sales taking a back seat in some cases to black market sales due to heavy taxation in some cities and counties; as such, some cities, such as Berkeley, Calif., which recently cut the tax it placed on sales of legalized marijuana to 5 percent, down from 10 percent.

Signs Of Hope

Despite the negative headwinds seen throughout the broader cannabis sector, there were a few standouts in the index, most notably MariMed (MRMD), which gained 46 percent. The company, which participates in the red-hot Nevada market with its Kalm products, was able to raise $2.8 million in the quarter, pay off some existing debt and develop facilities in Maryland and Massachusetts.

Other companies that performed well in the index were Invictus MD Strategies (IVITF) and Kush Bottle (KSHB), which gained 16 percent and 14 percent, respectively. The only other company that had a positive return for the first three months of 2019 was Canopy Growth, which squeaked out a 0.92 percent gain.

Losers Really Struggle

Losers in the index really struggled, including Axim Biotechnologies (AXIM), which plunged 65 percent. The company is working on a chewing gum formula for medical marijuana, but investors are currently uneasy about the company, at least in the short-term, as evidenced by the 71 percent decline seen in its shares over the past year.

Other losers include Namaste Technologies (NXTTF), which dropped 50 percent, WeedMD (WDDMF) and Aohria (APHQF), both which fell 44 percent, respectively.

Changes To The Index

Green Market Report announced changes are being made to the index, adding Hiku Brands (DJACF), removing Corbus Pharmaceutical (CRBP), as Green Market has made the determination the company does not have “much real exposure to cannabis.”

Though Hiku Brands offers promise for the future, thanks to its DOJA, Tokyo Smoke and Van der Pop brands, the company has not issued a financial statement since significant changes took place in recent months, with the last coming in Sept. 2017 and no revenue to speak of.

Brighter Days Ahead?

Despite the negative headwinds seen in the first-quarter, there are some recent positives for investors to grasp onto, most notably Sen. Majority Leader Mitch McConnell (R.-KY) introducing a bill that would remove hemp from the controlled substance list, potentially paving the way for it to be a cash crop similar to tobacco or cotton.

In addition, former Speaker of the House John Boehner joined the board of directors of cannabis company Acreage Holdings. And just last week, Senator Cory Gardner (R.-CO.) said that he had a telephone agreement with President Donald Trump to “protect states that have legalized marijuana,” including California, Colorado, and Nevada.

In total, 9 states have legalized marijuana for recreational use. The majority of states allow marijuana to be used for medicinal purposes, while just Idaho, South Dakota, Nebraska and Kansas prohibit the use of cannabis.


Jack SmithJack SmithApril 18, 2018
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When it comes to his music career and his well-known love of marijuana, Snoop Dogg has lived by the motto “the more medicated, the more dedicated.” Now, the affable rapper is applying that to his investing career, investing cannabis software company Green Bits.

Green Bits, headquartered in San Jose, announced it has raised a $17 million Series A funding round, led by Tiger Global, the New York-based investment firm, along with participation by Snoop Dogg’s Casa Verde Capital.

“We are honored and excited to have Tiger Global join our team. We have grown quickly in a short period, and this new capital will allow us to exponentially accelerate our growth. Our goal is to be in every state that has legalized cannabis in some way,” said Ben Curren,
co-founder and chief executive officer of Green Bits

Tiger Global, run by billionaire Chase Coleman, has started to venture outside of traditional public market investing, investing in private companies such as question and answer website Quora, job searching company Glassdoor and Airbnb, among others.

In total, Tiger Global has made 234 investments, nearly half the time being the lead investor, according to data compiled by Crunchbase.

It has also exited 35 of those investments, including companies such as Spotify, which recently went public on the New York Stock Exchange in an untraditional manner, mobile game developer Zynga and real estate company Redfin.

Prior to putting money into Green Bits, Casa Verde has made 9 other investments, investing as the lead investor 4 times. The fund, which mostly acts as a seed stage investor, has raised $45 million to invest in “the ancillary cannabis industry,” according to Crunchbase.  “We couldn’t be more excited to reinvest in Green Bits. This round brings tremendous validation not only to Green Bits but also to the cannabis industry,” said Casa Verde Capital’s Managing Partner, Karan Wadhera.

These investments can include a number of different areas, including agtech, health & wellness, financial services and more.

With the $17 million in new funding, Green Bits, which has similarities to the Jack Dorsey-led financial service provider Square, has raised $19.3 million in total outside funding. A source close to the matter said the new funding round demonstrates Green Bits “continued adoption and growth within the rapidly expanding legal cannabis industry.”

The source also noted that this is the first funding round in the cannabis space led by an institutional investor, noting “hedge funds and venture capitalists have been known to steer away from this market.”

Currently, Green Bits serves 11 different states, with its software available in Alaska, Arizona, California and 8 other states. On the company’s website, it says it has processed more than $2 billion in annual sales, with its software and services available at 800 retailers.

The funding announcement follows news that former Speaker of the House John Boehner has joined the board of directors of of Acreage Holdings. Boehner, who had been staunchly anti-cannabis, said on Twitter that his “thinking on cannabis has evolved.”

Editors Note: Verified CBD has written a piece on CBD For Women, that touches on lots of extra points not explored by others, like pain relief in Endometriosis.


Jack SmithJack SmithApril 12, 2018
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6min22900

MM Enterprises USA, better known as MedMen Enterprises, announced its intentions to purchase OutdoorPartner Media Corporation in a reverse takeover, with the combined company becoming publicly traded in Canada.

MedMen says it will exercise a “reverse takeover,” (RTO), in which shareholders of a private corporation purchase a public company. What is interesting about MedMen’s proposed transaction is RTO’s usually coincide with the company that is being acquired to be listed on an exchange. Currently, OutdoorPartner Media is not listed on any exchange, but it is public.

In a press release, MedMen CEO and co-founder Adam Bierman called the binding letter of intent “an important milestone” for the Los Angeles-based company.

“A major U.S. cannabis company is set to be publicly traded on a bona fide stock exchange,” Bierman said. “For nearly a decade we have been at the leading edge of the modern cannabis industry, putting ourselves in a dominant position in the most significant cannabis markets in the U.S.; California, Nevada and New York.”

The company operates in three states, including California, where it has seven licensed stores. MedMen calls itself “one of the most dominant players in the fast-growing cannabis industry,” but does not give any data to back up that claim, including revenue or funding statistics. MedMen recently noted that it’s valuation made it the first cannabis unicorn due to a recent investment in the company.

The news comes on the heels of former Speaker of the House John Boehner joining the board of directors of Acreage Holdings. Boehner, who had been staunchly anti-cannabis, said on Twitter that his “thinking on cannabis has evolved.”

According to a Pew Research study done in October, 61 percent of Americans believe marijuana should be legal, the highest percentage seen in history. Younger age groups were more likely to view marijuana legalization more favorably, with 70 percent of millennials saying it should be legal. Only the Silent Generation, those who were born between 1920 and 1940, believe it should be outlawed, with 58 percent opposed to legalization, compared to 35 percent in favor.

After the takeover happens, MedMen Enterprises will become both a subsidiary of the publicly traded company and effectively become the public company itself. It noted in the release one of the conditions after the deal is completed is that the public company will be listed on the Canadian Securities Exchange. So far, neither company has applied for a listing on the CSE or any other exchange.

The company also states that it has entered into “an engagement letter,” where it will conduct a private placement offering of subscription receipts” to accredited investors prior to the reverse merger. These subscription receipts will then turn into common stock of the public company after the reverse merger is completed.

The common stock will have subordinated voting rights, the company said. It did not add whether it would have additional forms of equity with higher forms of voting rights.

Canadian investment banks Cormark Securities and Canaccord Genuity are acting as co-book runners for the deal and will help with the private placement. An unnamed source recently told Green Market Report that Canaccord had walked away from the deal because MedMen wanted a $2 billion valuation when it started trading as a public company – something Canaccord disagreed with, but the rumor was not verified.



Jack SmithJack SmithMarch 29, 2018
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4min16240

CV Sciences (CVSI) saw a 126% jump in revenue in its just reported fourth-quarter, due in large part to its continued push into the organic cannabis market.

The company, which has offices in Las Vegas and San Diego, said fourth-quarter sales came in at $7.24 million, up 126 percent year over year. Gross profit also experienced a huge jump, rising 187 percent year-over-year to $5.21 million.

These numbers were boosted by a 57 percent year-over-year increase in the company’s retail channels, bringing its distribution size to 1,548 stores by the end of the year.

Full-year 2017 fiscal results also set records, with revenue, gross margin, adjusted EBITDA and cash flow all rising sharply, according to a statement.

“We ended 2017 with tremendous momentum by hitting record metrics for Q4 and an overall impressive and record year. Our operating performance further validates our ability to grow profitably and generate cash flow,” said CV Sciences CFO Joseph Dowling in a statement.

Dowling continued: “In every aspect, we set new financial performance records and laid the groundwork for continued profitable growth. On the drug development side, we continue to make steady progress in advancing CVSI-007 – our proprietary lead drug candidate – which addresses the multibillion-dollar smokeless tobacco use and addiction market.”

The company bills itself into two categories: a drug development company, focusing on developing and commercializing novel therapeutics and a consumer product company. It also has four subsidiaries, including US Hemp Oil, LLC, Plus CBD, LLC and CannaVest Europe, GmbH, all which operate in different locations around the globe and in the company’s two distinct categories.

CVSI-007 is an important part of the company’s future, with the synthetic-based cannabidiol to be potentially used for treating smokeless tobacco use and addiction.

CV Sciences said this market is a “multi-billion market with no currently FDA-approved drugs available to help patients.”

In addition to the more than 1,500 retail stores for its natural products, CV Sciences is going to continue to expand its retail sales channels and said its branded products are providing encouraging results, which “positions the [c]ompany as the #l selling hemp product line in the natural products industry.”

CV Sciences, which trades over-the-counter under the ticker symbol “CVSI,” jumped 11.2 percent in Thursday trading, closing at 50 cents prior to the announcement. Shares are down for the year, however, closing at 62 cents on Jan. 2.


Jack SmithJack SmithMarch 29, 2018
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3min15300

Innovative Industrial Properties Inc. (IIPR) reported fourth-quarter earnings of 7 cents a share and highlighted the steps it has taken since becoming a publicly traded company, perhaps paving the way for more small and mid-cap cannabis companies to do the same.

Innovative, which trades on the New York Stock Exchange under the ticker “IIPR,” said in a statement it earned 7 cents a share on $2.3 million in revenue. The commercial real estate company also said that adjusted funds from operations (AFFO), a widely used measure for real estate organizations, was 23 cents a share in the quarter.

During the quarter, Innovative said it acquired a medical-use cannabis cultivation and processing facility in Arizona with a subsidiary of The Pharm in a sale-leaseback deal. The total amount spent was $18 million, including $15 million for the purchase.

It also acquired two other medical-use cannabis cultivation facilities with similar transactions, signing deals with Vireo Health for facilities in New York and Minnesota. The combined cost for the two facilities was $8.4 million, including $1 million spent on tenant improvement costs.

The acquisitions bring Innovative’s property portfolio to five, spread across the country. Totaling 617,000 square feet, all of the properties are 100 percent leased. The average length left on the leases is approximately 14.7 years, the company noted in the statement.

As of the end of the year, Innovative said it had invested $68.3 million in the properties, with an additional $5 million for tenant improvements at the various properties.

The company also noted its fourth-quarter dividend was 25 cents a share, a 67 percent sequential increase. The dividend was paid on Jan. 16, 2018 to shareholders on record as of Dec. 29, 2017.

Innovative’s shares yield 3.77 percent at current levels, significantly more than the 2.77 percent yield on a 10-year U.S. Treasury bond.

San Diego-based Innovative also said that it had sold an additional 3.22 million shares in a public offering after the quarter closed, giving the company an additional $79.3 million to be used for general corporate purchases.

Innovative shares closed at $26.32 on Wednesday, up 1.9 percent. Shares of the company have fallen nearly 30 percent since the start of the year.


Jack SmithJack SmithMarch 27, 2018
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5min28230

Activist investor CannaRoyalty (CNNRF) is at it again, making another acquisition in the cannabis space, this time announcing its intent to acquire all of River Distribution, California’s largest cannabis retail network.

The move is a bold step for the Marc Lustig-led company, giving it access to a large network and significantly growing its revenue. In 2017, River generated $25.4 million in revenue, which would bring total 2017 revenue CannaRoyalty has acquired to $31.9 million, including from Alta Supply, another California-based distributor CannaRoyalty previously acquired.

“The RVR and CannaRoyalty teams have already worked closely together for the past year. We are confident that the consolidation of RVR with Alta Supply will position us as a leader in the world’s largest regulated cannabis distribution system, in California,” Lustig said in a press release.

With the acquisition, which is expected to close by the end of the second quarter 2018, CannaRoyalty is going to be the “largest revenue-generating cannabis holding companies in the world,” the company said.

Lustig continued, noting CannaRoyalty’s existing network makes it a perfect fit for River Distribution. “Our extensive distribution network in California makes us an ideal partner for brands that are looking to grow in California at scale,” he said. “And a carefully selected portfolio of manufacturing partners also make us a superior partner for dispensaries seeking one-stop access to a full spectrum of top products and brands, in an efficient and cost-effective manner.”

Ted Simpkins, the founder, and CEO of River said the deal helps complement River’s existing business, allowing it to grow even further, alluding to his experience having built a wine and spirits business previously.

“I am highly confident that distribution will become one of the most valuable and integral components of the cannabis value chain as the adult-use market matures over the next several years,” Simpkins said in the statement. “CannaRoyalty has been an exceptional partner to RVR and it is clear to me that its growing team has the right mix of talent and assets to enable us to continue to meaningfully grow our already leading network.” Simpkins, along with River’s CFO Henry Pilger, will join the combined company after the deal closes.

The move puts CannaRoyalty squarely in the largest cannabis market in the world. In 2016, the California cannabis market saw $2.8 billion in sales, according to New Frontier Data. The market is expected to nearly triple by 2021, totaling $6.8 billion, with vapor products expected to account for 15 percent of the market.

Edible products are expected to be another strong segment of the market, accounting for 22 percent of the market, growing at an annual clip of 117 percent in 2018, according to data compiled by Brightfield Group & BDS Analytics.

Though the final acquisition price was not disclosed, CannaRoyalty said it would use 5 million shares, along with 1.65 million shares to pay for the acquisition. There is also another 2 million shares “subject to the successful completion by RVR of financial milestones to be agreed on by the parties.”

CannaRoyalty trades on the Canadian Stock Exchange under the ticker “CRZ” as well as over-the-counter exchanges under the ticker “CNNRF.” Shares of the over-the-counter stock recently changed hands at $2.94, down since the high of $4 seen in early January.

 


Jack SmithJack SmithMarch 21, 2018
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6min44853

Gene Simmons, best known for being the bassist and co-lead singer of the rock band Kiss and a reality TV star, is finally getting his own marijuana company – albeit with a catch.

Invictus Md Strategies (GENE) announced on Tuesday it had opened for trading on the TSX Venture Exchange and that the 68-year-old Simmons, the company’s Chief Evangelist Officer would be the inspiration for the new ticker symbol, GENE. The company’s previous ticker symbol was IMH.

“To have a cannabis company like Invictus open the trading at TSXV, one of the world’s best trading communities, is truly inspiring,” said Invictus Chairman and CEO Dan Kriznic in a statement. “With our footprint in Ontario and Alberta on track for full production over the next 12 months, and poised to help supply Canada’s dynamic consumer marketplace with a wide variety of strains and extracts.”

The company added that that the ticker symbol change was reflective of the company’s “new partnership with rock icon and branding genius Gene Simmons, anticipating that Simmons will play a vital role as the company marches into this historic year for Canada and cannabis.”

As part of his deal with Invictus, of which Simmons owns a significant percentage of, the legendary rocker will focus on a number of key initiatives, notably boosting its public awareness. Simmons will also make appearances for the company, specifically at the annual general meeting, investor meetings, trade shows, as well as serving as the company’s spokesperson.

Invictus has two cannabis production sites in Canada and more than 95,000 square feet of cannabis production capacity at the licensed production sites. It also owns 50 percent of AB Labs, a licensed producer in Hamilton, Ontario. 

Simmons said that he had looked at other cannabis-related partnerships prior to working with the Canadian-based Invictus.

“As I learned more about the changing sentiment of the public and investors, I was enthusiastic to invest in the Cannabis space,” Simmons said. “I did my due diligence with the available information on the top 10 Licensed Cannabis Producers in Canada, including a number of face-to-face interviews,” said Simmons. “They have a leadership that has the potential to change that and a solid plan for growth.” 

In a separate press release, Invictus described Simmons as a “significant shareholder” of the company, owning more than 2.6 million shares.

A business-savvy rockstar with an estimated net worth of $300 million, Simmons has helped Kiss license more than 2,500 different products, as well as helping sell more than 100 million albums. He’s also the author of two best-selling books, is credited with discovering the rock band Van Halen and is the owner of iconic MoneyBags trademark.

As part of his deal with Invictus, Simmons has agreed to appear at least 50 investor and industry presentations for Invictus over a 5-year period.

 


Jack SmithJack SmithMarch 19, 2018
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4min9560

AXIM Biotechnologies (AXIM) reported fiscal 2017 full-year results, with CEO Dr. George Anastassov highlighting “solid progress” the company is making on its clinical pipeline, including it getting a mass-market chewing gum to help cancer patients with nausea and vomiting.

The company said it ended the year with $2.1 million in cash, losing 8 cents a share, compared to a loss of 17 cents in fiscal 2016. In addition to the chewing gum, Dr. Anastassov highlighted other achievements the company is working on.

“Our product development partner obtained the licenses to import and work with controlled drugs that are required to continue the development of MedChew Rx® pharmaceutical chewing gum to treat pain and spasticity associated with multiple sclerosis (MS),” Anastassov said in a statement. “We achieved encouraging clinical trial results from our phase IIA pilot trial for the treatment of irritable bowel syndrome (IBS) with our CanChew +® 50 mg CBD (cannabidiol) functional, controlled release chewing gum.”

Dr. Anastassov also noted the company received two patent allowances for cannabinoids-based ophthalmic solutions, which are used to treat glaucoma and conjunctival inflammation. It also has filed a new patent for a chewing gum that has a “controlled release of cannabinoids and opioid agonists and antagonists for the treatment of opioid addiction and cannabis dependence.”

“We are committed to innovation, and believe the company is well positioned for further growth given our robust IP portfolio and proprietary CGMP extraction and microencapsulation methods,” Dr. Anastassov added.

Axim now has three patents, one for a chewing gym which has cannabinoids and two others for patnets for ophthalmic solutions. It also has 12 patent applications and 28 national trademarks, covering a wide variety of topics and products for the company.

2017 also saw the the first phase II pilot trial of the company’s CanChew chewing gum, which is used for irritable bowel syndrome. The study, which still has to go to phase III before it can be approved by the FDA, saw a 50 percent higher pain reduction when patients took the drug as opposed to an active placebo.

Over the next 12 to 18 months, Axim said it expects to complete the Phase I-III clincal trials for MedChew, a bioequivalence study of its proprietary chewing gum-based functional delivery system to Marinol, the open-label phase II clinical trial of CanChew and a host of other clinical trials, relating to disesases such as glaucoma, opioid addiction and psoriasis.

It also expects to start proof of concept studies related to cannabis dependence, post-haerpetic neuralgia and a clinical trial on illicit drug-related psychosis.

 



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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