Medical Marijuana Inc. Investment Company AXIM To Acquire Sapphire Biotech

Medical Marijuana, Inc. (OTC: MJNA) announced Thursday that its investment company, AXIM Biotechnologies Inc. (OTC: AXIM), has entered a binding term sheet to acquire Sapphire Biotech, Inc., oncology research and development company. AXIM Biotechnologies and Sapphire plan to sign definitive documents for the transaction before the end of February.

Sapphire is working on the development of therapeutics for preventing cancer growth and metastasis. Its and AXIM scientists have been working on the invention of new synthetic cannabinoid-like molecules with the potential to help treat various illnesses, including cancer, as noted in a press release.

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“AXIM has been a leader in cannabinoid research and development for many years now and we’re very excited to witness AXIM’s shared success with Sapphire Biotech to now become a leader in oncology research and development as well,” Medical Marijuana, Inc. CEO Dr. Stuart Titus said in a statement.

“Ninety percent of cancer deaths are caused by metastatic cancer and Sapphire has made great strides in discovering and analyzing cancer cells before they metastasize. AXIM will help accelerate these efforts significantly from the post pre-clinical phase to animal studies and eventually to human trials.”

AXIM CEO John W. Huemoeller II, also commented on the acquisition.

“With the acquisition of Sapphire Biotech, we will be able to broaden our offerings on cannabinoid research to also concentrate on furthering oncology research, diagnostics and drug development,” he said.