AXIM® Biotechnologies Announces Significant Initial Purchase Order for Nutraceutical Product With Leading Direct Selling Company
NEW YORK, Feb. 12, 2019 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (“AXIM® Biotech” or “AXIM”) (OTCQB: AXIM), a world leader in cannabinoid research and development, today announced that the company has received a significant initial purchase order (“PO”) from Kannaway®, the first hemp lifestyle network to offer cannabidiol (“CBD”) hemp botanical products, for its nutraceutical chewing gum product.
The purchase order is for 7,500 boxes containing 225,000 pieces of the Company’s cannabinoid-based controlled-release gum nutraceutical product, that Kannaway® plans to sell as a white label through its direct sales force. Additionally, Kannaway® has indicated that this is merely the first PO and that based on the success of the launch of the new gum product under their brand they would be likely to continue ordering the product for their network.
“We are excited to work with such a large and well respected direct-selling company such as Kannaway® and to bring our nutraceutical chewing gum product to their worldwide audience,” AXIM CEO John W. Huemoeller said. “This is our largest initial order from a singular customer to date and it presents a whole new revenue opportunity for the nutraceutical division of AXIM. Our flagship nutraceutical chewing gum product utilizes AXIM’s patented chewing gum delivery system for cannabinoids that creates a high-quality and user-friendly experience that we are confident Kannaway® consumers will enjoy and be able to distribute through their networks successfully.”
The product sold under this purchase order is the company’s nutraceutical cannabinoid-based chewing gum containing 50 mg of full-spectrum hemp oil and 10mg of cannabidiol (“CBD”) per piece. CBD is one of the over 160 identified cannabinoids found in the cannabis plant and is currently being studied by AXIM as well as others for its potential therapeutic benefits. The product is made using AXIM’s proprietary microencapsulation methodology and utilizes the company’s patented chewing gum delivery system allows the CBD to enter the bloodstream more quickly and efficiently through absorption through the buccal cavity, increasing the bioavailability of the CBD.
“Kannaway® is proud to partner with such a well-known and scientifically driven organization to bring our customers a superior and innovative product that provides them with a quick, pre-dosed way to promote overall wellness through the use of CBD,” said Kannaway® CEO Blake Schroeder. “We plan to build a whole brand around the nutraceutical product and look forward to continuing our partnership in the future after a successful launch.”
Kannaway® is a network sales and marketing company specializing in the sales and marketing of hemp-based botanical products.
About AXIM® Biotechnologies
AXIM® Biotechnologies, Inc. (AXIM) is a world leader in the research and development of cannabinoid-based pharmaceutical products. Along with building a robust intellectual property portfolio, AXIM is focused on clinical development programs that bring more efficacy and/or lower side effects than existing alternatives and require small to medium budgets and timelines to bring to market which presents a high added-value to the pharmaceutical field.
AXIM's flagship products include MedChew® with Dronabinol, which will undergo a bioequivalence study to fast track through FDA as an alternative to approved Marinol; CanChew® RL, which will undergo clinical trials for treatment of restless leg syndrome. And MedChew Rx®, a combination cannabidiol (CBD)/tetrahydrocannabinol (THC) functional, controlled-release chewing gum that will undergo clinical trials for the treatment of pain and spasticity associated with Multiple Sclerosis (MS). 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.
AXIM® Biotechnologies does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA).
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Released February 12, 2019