Axim Biotechnologies Inc (OTCQB:AXIM) has received a US patent for its method of purification and extraction of THC from medicinal cannabis.
The cannabinoid research and development firm’s process produces pure THC molecules that can be used as the active ingredient in pharmaceuticals.
The biotech uses the method to extract THC for use in its MedChew RX program, a controlled-release chewing gum that can treat pain and spasticity in patients with multiple sclerosis.
“In our industry it is not only research and trials that enable companies to bring medications to market, but a consistent supply of pure molecules is necessary to achieve FDA compliance,” said CEO George E. Anastassov in a statement.
An estimated 2.3 million people are living with multiple sclerosis, according to the National MS Society.
Shares of the New York-based company fell slightly to US$3.20 in Tuesday afternoon trading.