- The
merged company will target the international cosmetics market (projected
to reach $758 billion by 2025), agricultural technology and
products ($729 billion by 2023), the biopharmaceuticals market ($389
billion by 2024) and the hemp-derived CBD market ($23.7 billion by 2023)
- Cannaworx
has a diverse portfolio and plans to launch several products in 2020,
including two with a pain indication allowed under an FDA OTC monograph
- Cannaworx’s
sativa oil skincare serum sold $250K in 10 minutes on QVC in December 2019
- Merger
will give Cannaworx access to Pressure BioSciences’ proprietary method for
processing oil-based products into high quality nanoemulsions (Ultra shear
Technology), which is expected to further increase the bioavailability and
efficacy of Cannaworx products
Pressure BioSciences Inc. (OTCQB: PBIO), a leader in the
development and sale of broadly enabling, pressure-based instruments,
consumables, and platform technology solutions to the worldwide biotechnology
and biotherapeutics industry, announced that it has signed a binding letter of
intent to acquire Cannaworx Inc., a privately-held company, according to a
press release on April 29th (http://ibn.fm/TfZgu).
The merged entity, equipped with an extensive intellectual
property portfolio utilizing a proprietary pressure platform, nanotechnology
and advanced delivery systems, plans to disrupt a number of major world
markets. These include the international cosmetics market, projected to reach
$758 billion by 2025 (http://ibn.fm/5N4vZ),
the global agricultural technology and products market, projected at $729
billion by 2023 (http://ibn.fm/XLNAf),
the global biopharmaceuticals market, expected to reach $389 billion by
2024 (http://ibn.fm/7VJpy),
as well as the U.S. hemp-derived CBD market, anticipated to reach $23.7 billion
by 2023 (http://ibn.fm/4bLkg).
Cannaworx’s diverse portfolio of products and intellectual
property was developed by its founders Bobby Ghalili, DMD
and Adrienne Denese, MD, PhD. Drs. Ghalili and Denese bring extensive
medical expertise and product innovation into the newly combined public
company. They have an impressive multi-year track record of developing and
selling personal care and nutrition products.
Cannaworx and its principals have a number of novel products
that utilize the company’s patented or patent pending, full and partial
spectrum, hemp-derived phytocannabinoid formulations for a number of
indications. Cannaworx plans to launch many of these products in 2020, two with
a pain indication allowed under an FDA OTC monograph. The company believes this
will make them the only oral hemp-derived phytocannabinoid-containing products
available in today’s market with such a claim.
Following the merger, Cannaworx products will utilize
Pressure BioSciences’ proprietary Ultra Shear Technology (TM) platform to
process all of its products, as they are oil-based. UST is a revolutionary,
patented method for processing oil-based products such as hemp-derived CBD oil
in water into long-term stable, highly bioabsorbable, top quality
nanoemulsions.
This approach is expected to significantly increase the
quality of these already high-quality Cannaworx products. More specifically,
Pressure BioSciences believes UST processing will increase the bioavailability
and efficacy of the Cannaworx human, veterinary, and agricultural products;
reduce manufacturing costs; increase profit margins; and distinguish the
Cannaworx product lines for quality and performance within multiple markets.
“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,” Dr. Ghalili explained why his company decided in favor
of merging with Pressure BioSciences. “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 for
all stakeholders.”
Cannaworx’s first product, a sativa oil (hemp) skincare
serum, sold $250K in 10 minutes on QVC (December 2019). With products being
released to the market in 2020 and after, the merger, whose terms were not yet
disclosed, is expected to have a significant impact on Pressure BioSciences’
sales in the near future.
“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 BioSciences President and CEO Richard T.
Schumacher stated in a news release. “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.”
For more information, visit the company’s website at www.PressureBioSciences.com
NOTE TO INVESTORS: The latest news and updates
relating to PBIO are available in the company’s newsroom at http://ibn.fm/PBIO
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