Cannaworx and its principals have 12 products, including several that utilize the company’s patented and patent pending hemp-derived phytocannabinoid formations for pain relief
Pressure Biosciences Inc (), a manufacturer of pressure-based instruments for the biotherapeutics, food and other industries, announced Wednesday that it has signed a binding letter of intent to merge with specialized cannabis company Cannaworx Inc.
Cannaworx and its principals have 12 products, including several that utilize the company’s patented and patent pending hemp-derived phytocannabinoid formations for pain relief.
The company said it plans to launch many of these products this year, two of which have a pain indication allowed under an over-the-counter monograph from the US Food and Drug Administration. Cannaworx believes this will make them the only oral hemp-derived phytocannabinoid products on the market with such a claim.
Cannaworx’s founders, Bobby Ghalili and Adrienne Denese have a multi-year track record of developing and selling personal care and nutrition products.
The combined company will rely on Pressure Bio’s Ultra Shear Technology platform, a patented method for processing oil-based products (read: hemp-derived CBD in water) into highly bioabsorbable nanoemulsions.
“We have been actively searching for an opportunity to participate in the end-product growth and upside we believe our UST platform creates and delivers,” Pressure Bio CEO Richard Schumacher said in a statement.
“We are very excited to bring our companies together for what we believe to be a momentous inflection point in significant new growth and increased shareholder value.”
The parties believe UST processing will increase the efficacy of Cannaworx products, reduce manufacturing costs, increase profits and distinguish its product lines.
“We have worked for years to bring state-of-the-art effectiveness to the formulation of a diversity of human and veterinary products that were created to deliver oil-based nutrients and therapies into the water-based biology of humans and animals,” Cannaworx’s Ghalili said.
“As we evaluated technologies for achieving effective nanoemulsion delivery of oil-based materials in water, we discovered that PBI’s UST platform was in a class of its own, clearly out-performing all competing technologies evaluated.
“The opportunity to combine our capabilities, products, intellectual property, marketing and distribution channels, and proprietary methods with those of PBI was an astonishingly valuable opportunity to leverage and enable our product lines for real differentiation in our served markets and to help propel significant growth.”
The plan is to target the US hemp-derived CBD market, which is expected to hit $23.7 billion by 2023, according to Brightfield Group, in addition to the international cosmetics, biopharmaceuticals, agriculture and food and beverage markets.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel