Botanix Pharmaceuticals (ASX:BOT) noticed a boost thanks to a regulation change for the synthetic cannabidiol (CBD) produced with its business partner, Purisys.
In a press release issued on Monday (November 25), the company said that on November 22 Purisys received confirmation that its CBD, which carries less than 0.001 percent of tetrahydrocannabinol (THC), was removed from the scheduling as a controlled substance by the US Drug Enforcement Administration (DEA) within the Controlled Substances Act.
“This change in the regulation of synthetic CBD in the US will make a major difference to the speed of developing Botanix products and greatly reduces the risks and costs of clinical development,” Vince Ippolito, executive chairman and president of Botanix, said in a press release.
The executive said this ruling from the American federal authority comes at just the right time for the company since it’s getting ready for studies in its dermatology programs.
Botanix and Purisys are tied together by way of a supply agreement signed in October.
The duo is celebrating the change from the DEA; prior to this resolution, the use of synthetic CBD for clinical studies needed licensing from the federal agency. According to Botanix, this led to “significant management and cost overheads to Botanix’s pharmaceutical development activities.”
Shares of Botanix jumped nearly 5 percent on Monday when it first informed investors of the crucial change. As of Wednesday’s (November 27) trading session, the company is up nearly 5 percent for a price per share of AU$0.11.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).