- 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://cnw.fm/f4ANi).
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://cnw.fm/QCv9q), the global agricultural technology and products market, projected at $729 billion by 2023 (http://cnw.fm/4l24C), the global biopharmaceuticals market, expected to reach $389 billion by 2024 (http://cnw.fm/8w4WS), as well as the U.S. hemp-derived CBD market, anticipated to reach $23.7 billion by 2023 (http://cnw.fm/7uQWM).
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://cnw.fm/PBIO
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