Medical Marijuana, Inc. Investment Company AXIM® Biotechnologies Completes Acquisition of Oncology Research and Development Company Sapphire Biotech, Inc.
SAN DIEGO, March 24, 2020 /PRNewswire/ — Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands and supply chain, announced today that its investment company AXIM® Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM® Biotech” or “AXIM”) has completed the acquisition of leading oncology research and development company Sapphire Biotech, Inc. (“Sapphire”). In January of this year, AXIM announced that the Company signed a binding term sheet to acquire Sapphire. As part of the acquisition, AXIM has acquired 100 percent of the capital stock of Sapphire and will operate Sapphire as a wholly-owned subsidiary. Sapphire will continue to be led by Catalina Valencia as Chief Executive Officer. Ms. Valencia has stewarded Sapphire in the development of its unique patent-pending pipeline. “Sapphire Biotech has already proven itself to have great potential in just the one year since its founding. We look forward to bringing them into our family of companies and helping them further their efforts in the field of oncology,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “It is very exciting to announce that Sapphire Biotech has both a diagnostic application as well as a promising oncology treatment in their arsenal. This acquisition marks a transformation of AXIM while aligning with the therapeutic cannabinoid analog space.” Sapphire has licensed a leading compound called SBI-183, which inhibits and suppresses invasion in vitro and metastasis in vivo. The company recently announced that it now holds exclusive license rights to SBI-183 and intends to study the compound’s ability to treat cancer. In February, Sapphire signed a Sponsored…
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Source : CANNANNEW REPORT
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