November 23, 2016 - By Marguerite Chambers
Axim Biotechnologies Inc (OTCMKTS:AXIM) started to reverse its gains, during yesterday’s trading session, after having surged for the previous three consecutive sessions. The stock declined by 23.86%, during November 22, on a trade volume of 258,398, to close at $7.5 per share. However, this is still significantly AXIM’s share price last week, of $4.3. The stock recorded a high of $9.8 per share, during the last 1-week. The decline seems to be temporary and it is expected that the stock would start surging once more, given its current and potential IPs.
Yesterday, the company announced that it would donate a total of 3,200 pieces of CanChew, to the US Pain Foundation. CanChew is Axim’s hemp derived CBD functional chewing gum, aimed at delivering positive effects of CBD to sufferers of chronic pain. The company stated that this was done in support of organizations that empower caregivers and the sufferers of chronic pain. However, AXIM also stated that it does not make any claims that CanChew would be able to treat any specific condition, but the effects of CBD are well established by scientific research.
The US Pain Foundation is dedicated to educating, connecting and empowering patients, who suffer from chronic pain. In its press release Axim revealed that CanChew contains approximately 50mg of hemp oil and 10mg of CBD. It is also the first CBD chewing gum and is also the first to be patented for controlled release of the cannabinoid. Axim also reserves the exclusive rights to market the gum globally, which is currently available in all 50-states, across the US. In addition to this, the company is currently testing MedChew Rx, a similar chewing gum, for pain management, in patients of Multiple Sclerosis.
“We are honored to support an organization that dedicates itself to helping those with chronic pain, a national epidemic that affects nearly 100 million Americans,” said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM® Biotechnologies. “Like the U.S. Pain Foundation, AXIM also believes in making an impact on individuals’ well-being, which we do through products that treat conditions for which there is currently no effective remedy.”
It should be noted here that CanChew was recently granted a Notice of Allowance, from the USPTO, for use of all cannabinoids in the product. This is an extension of the company’s current patent for the use of chewing gum as a delivery mechanism for CBD. The company noted that this would provide patent protection to approximately 85 compounds in the cannabis plant, other than CBD.
Axim is a company with a number of proprietary, cannabis based, products, under its belt. These products are spread across various categories, including medical cannabis, consumer goods and even skincare products. In addition to this, the company mainly manages the distribution channels on its own, which maximize its profits. However, some of Axim’s products are still under development and are yet to be commercialized. As such, the true potential of the company is yet to be seen.
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