FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Pressure BioSciences Announces Plans to Acquire Cannaworx, Inc.”
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, biotherapeutics, cosmeceuticals, nutraceuticals, and food & beverage industries, today announced that it has signed a binding letter of intent to merge with Cannaworx, Inc. (USA) and its diverse portfolio of products and intellectual property developed by its founders Bobby Ghalili, DMD and Adrienne Denese, MD, PhD.
Pressure BioSciences, Inc. is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life sciences and other industries. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions (e.g., cell lysis, biomolecule extraction).
The continued trend of legalization of cannabis in numerous countries, and the growing awareness of cannabis products’ viability for medical purposes has helped the industry to gain momentum worldwide. Medical cannabis is used for the treatment of chronic conditions, such as cancer, arthritis, and neurological conditions, such as anxiety, depression, epilepsy, and Parkinson’s and Alzheimer’s disease. Such a wide scope of applications is anticipated to further help push product demand while recent data shows that, despite regulatory inconsistencies in the U.S on the federal level, U.S. retail sales of cannabis and CBD products jumped 24% in 2019, according to Packaged Facts. Furthermore, U.S. retail sales of cannabis and CBD products are on pace to increase 18% per year to USD 33 Billion in 2024. The U.S. is primarily limited to the CBD industry since other aspects of the cannabis plant are still federally illegal. Meanwhile, cannabis retail dispensaries are growing significantly, powering gains among multi-state operators with growing geographical footprints and increasingly sophisticated retail and product branding.
The increasing popularity of CBD is mainly credited to various medical applications that are associated with the products. For example, full-spectrum CBD oil is considered a great source of Omega 3 and Omega 6; Omega 3 plays a vital role in creating hormones that regulate inflammation as well as contractions and relaxation of arteries. These products also lower triglyceride levels in the blood, reducing the chances of suffering from heart disease and stroke.
“While there continues to be uncertainty and a healthy amount of confusion around hemp cultivation for CBD production, it is clear that demand is nonetheless continuing to rise across the U.S.,” noted Giadha Aguirre de Carcer, New Frontier Data CEO and Founder. “As states issue more licenses, consumer demand increases, and mass-market retailers such as CVS and Walgreens continue to expand their own product offerings, we expect the FDA may be forced to provide further regulatory clarifications sooner rather than later.”
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