Shares of Medical Marijuana (OTCMKTS:MJNA), a leading Medical Marijuana developer and distributor, were trading 6.1% higher today after announcing a sizeable investment in Axim Biotechnologies, buying 14,943,650 shares of its common stock and 500,000 shares of preferred stock.
The investment is intended to add diversity to the company’s growing portfolio of products and companies. Recently, MJNA’s subsidiary Dixie Botanicals, noted for its cannabidiol (CBD hemp oil) products, started producing and selling peppermint flavored hemp stalk oil dew Drops, claimed to promote overall wellness. This is but one example of its reputation as employing formulation experts, able to produce a variety of products from CBD hemp oils.
"We are extremely excited to announce our strategic ownership interest in AXIM Biotech and explain to MJNA's shareholders some of the important innovations that Dr. Anastassov and the AXIM team are focused on. AXIM Biotech's recent announcements include hemp-based innovations that provide consumers a wide variety of new options worldwide," said Medical Marijuana’s president and CEO, Dr. Stuart W. Titus.
MJNA’s acquisition of AXIM Biotech, a biotechnology company focused on global research, development and production of pharmaceutical, food, nutraceutical and cosmetic products as well as biofuels derived from cannabinoids will complement its recent CBD oils research while developing new proprietary mechanisms for the delivery of cannabinoids.
"AXIM is a unique hemp-derived biosciences corporation where the responsibility for environmental protection and conservation meets the passion for development of innovative biotechnological applications for problems for which there are currently no solutions. The cannabis plant provides ample opportunity for innovative, sometimes revolutionary products. AXIM has realized the vast potential in oral health products based on cannabinoids, in particular CBG, and has filed intellectual property applications to protect its numerous IP," said Axim Biotech’s CEO, Dr. George E. Anastassov.
AXIM Biotech owns an exclusive license for the world’s first controlled-release cannabinoid chewing gum, available in food, CanChew Plus(R), and pharmaceutical MedChew RX formulations. The product, which addresses two separate markets, is already undergoing clinical trials ahead of registration with the US Food and Drug Administration. AXIM also recently released CBG based oral care products ORAXIMAX and RENECANN.
AXIM Biotech has even more ambitious plans to develop active pharmaceutical ingredients (API) to treat Parkinson's disease, Alzheimer's disease, glaucoma, Crohn's disease and many others based on its proprietary IP.
Meanwhile, Medical Marijuana is taking part at HempMeds, New York’s Cannabis World Congress & Business Expo. The State of New York is slated to be one of the next states to legalize Medical Marijuana, allowing the cultivation, distribution and usage of Medical Marijuana in New York City.
Medical Marijuana’s CEO, Titus, is optimistic about New York’s progress toward legalizing cannabis, even if he believes that a successful outcome will still take over a year.