As the legal cannabis market continues to grow, new deals are creating opportunities for companies like health sciences group PreveCeutical Medical Inc (CSE:PREV, OTCQB:PRVCF), says an article on NetworkNewsWire.
This week, the junior firm reached a major milestone for its Sol-Gel research programme - receiving permits to allow cannabis to be imported into Australia.
Notably, the cannabis will be provided by major firm Aurora Cannabis Inc (TSE:ACB).
READ - PreveCeutical Medical boosted as major pot group Aurora set to export cannabis to Australia for its research programme
A licensed producer under the Canadian government’s medical cannabis regulations, Aurora has over 175,000 sq ft of production facilities, allowing it to provide large volumes of high-grade medical cannabis for customers such as PreveCeutical, the article said.
"The cannabis market is growing fast as more states and countries legalise its use for both medical and recreational purposes," it added.
"This is allowing companies to invest heavily in cannabis research to develop drugs and other products for this growing market. Research and design is becoming increasingly important."
The research in Australia is being conducted by PreveCeutical's research partner UniQuest Pty Inc and led by PreveCeutical's chief research officer Dr Harendra Parekh.
PreveCeutical aims to apply Sol-gel technology to cannabinoids (CBDs) to develop therapies for a range of symptoms, including pain, inflammation, seizures and neurological disorders.
WATCH - PreveCeutical seeing significant hospital interest for breakthrough Cannabidiol treatment
The programme will be built around PreveCeutical’s innovative sol-gel nasal drug delivery system.
The aim is to develop sol-gels that deliver CBDs - active, non-psychotropic ingredients from cannabis - more effectively into the patient’s system.
"The research team’s hope is that, through a more direct nose-to-brain delivery system, they can provide faster, more effective relief using a time-release, nano-bubble technology."
Preveceutical Medical shares are up 3.57% to C$0.44 each.