AXIM® Biotechnologies Announces Cultivation Agreement to Establish Company’s First Domestic Industrial Hemp Source & Begins Harvesting
SAN DIEGO, Sept. 17, 2019 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (“AXIM® Biotech,” “AXIM” or “the Company”) (OTCQB: AXIM), a world leader in cannabinoid research and development, today announced that it has signed a cultivation agreement with a top hemp farm in North Carolina to establish the Company’s first domestic industrial hemp source.
“As we expect to begin harvesting some of the crop this week, we believe that our investment into the partnership with this hemp farm is the first step for the Company to become domestically vertically integrated and gain greater control over the sourcing of our products,” said John W. Huemoeller II, Chief Executive Officer of AXIM® Biotech. “While we will continue to also source hemp from our trusted partners in Europe, we look forward to the many unique opportunities and decrease in production costs that this new domestic source will likely provide us.”
The partnership farm has been testing various growing methods and strains of hemp to maximize cultivation efficiency and produce the highest quality plant yield. The extract collected from this hemp intends to be used to create full spectrum hemp oil with cannabidiol (CBD) for the Company’s line of nutraceutical products. Hemp grown on the farm was recently tested and meets the federal requirement of containing less than .03 percent of tetrahydrocannabinol (THC). In the future, the Company aims to expand its crop yield potential as it continues to build out its domestic hemp supply.
Sourcing its hemp from a domestic farm allows the Company to decrease the cost of production and also gives the Company significantly more control over its entire production process, further ensuring safety, consistency and quality. AXIM also has the first right of refusal to purchase any hemp oil produced through the crop.
For more information about the company, please visit www.aximbiotech.com.
About AXIM® Biotechnologies
AXIM® Biotechnologies, Inc. (AXIM) is a world leader in the research, development and production of cannabinoid-based pharmaceutical and nutraceutical 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 pharmaceutical product, MedChew® with dronabinol, is planned to undergo a bioequivalence study in the near future to fast track through FDA as an alternative to approved Marinol. 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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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6d02fdea-7428-4e71-b08a-f2b02343d24b
Released September 17, 2019