NEW YORK, July 11, 2019 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (OTC: AXIM) (“AXIM® Biotech,” “AXIM” or “the Company”), a world leader in cannabinoid research and product development, today announced that the Company has received its seventh private label purchase order for its patented cannabidiol (CBD)-based chewing gum in the last five months, equating to nearly $900,000 of chewing gum product sales.
Through these purchase orders, AXIM is experiencing a positive sales momentum shift, growing its nutraceutical division and increasing revenue. The global CBD market is expected to reach $22 billion by 2022, presenting a large business opportunity for the Company’s CBD-based chewing gum both within and outside of the U.S.
“AXIM’s patented CBD-based gum, formulated with full-spectrum hemp oil has been incredibly well-received by consumers as our customers have continuously reordered from us in order to keep up with global demand for the product,” said AXIM® Biotech CEO John W. Huemoeller II. “As we continue to build out our nutraceutical division and the global CBD market rises, we are confident that our unique product line, with the addition of new products will create a similar demand among consumers which we hope will result in even more purchase orders throughout the rest of this year and into the future.”
AXIM’s patent on all chewing gums containing cannabinoids, including CBD, along with its recently acquired patents for other oral compositions containing cannabinoids and a topical cream, gives the Company a unique corner of the market. AXIM formulates its popular chewing gum with full-spectrum hemp oil and the Company’s proprietary manufacturing process creates a delivery mechanism for increased bioavailability and absorption.
To learn more about AXIM® Biotechnologies, Inc., visit http://aximbiotech.com/.
About AXIM® Biotechnologies
AXIM® Biotechnologies, Inc. (AXIM) is a world leader in the research and development 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 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.
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