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SeeThruEquity Initiates Coverage on AXIM® Biotech (OTC: AXIM) With a Target Price of $17.0
SeeThruEquity Initiates Coverage on AXIM® Biotech (OTC: AXIM) With a Target Price of $17.0.
About this update from Axim Biotechnologies, Inc.
[{"type":"text","content":"\n\n NEW YORK, May 16, 2017 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (AXIM® Biotech) (OTC:AXIM), a world leader in cannabinoid research and development, today announced that SeeThruEquity, a leading independent equity research firm focused on smallcap and microcap public companies has initiated coverage of AXIM with a price target of $17.0.\n Highlights from the report include: Large market opportunityThe market for cannabis-based pharmaceutical and nutraceuticals is emerging and quickly growing. Indeed, legal cannabis is among the fastest growing industries in the United States, estimated at $7.1 billion in 2016, including both medical and recreational uses, according to a report by New Frontier and ArcView Market Research. Longer term, the market has been forecast by Cowen to be as much as $50 billion within ten years, assuming federal legalization takes place in the United States. We note that progress towards legalization is likely to have an impact on the valuation and perception of Axim and all cannabis companies, however the company’s strategy includes a global perspective, legal nutraceuticals, and clinical products – not recreational cannabis. CanChew+ Nutraceutical Sales, Phase 2 results on MedChewRx, are areas to watch in 2017We see several key events ahead for Axim as it advances its cannabis-based clinical pipeline and accelerates commercial activities for its nutraceutical and cosmetic products, led by CanChew+. The company’s initial nutraceutical products, and its lead clinical candidates, feature its patented delivery systems, a chewing gum formulation that management believes is an ideal oral, transmucosal controlled-release delivery system. Axim has launched CanChew®, a patented, controlled-release cannabidiol extracted from industrial hemp chewing gum for general well-being, which is currently available in all 50 US States and over 40 countries internationally. The company has issued an outlook for high growth in this area, with more than ten commercial-ready products in the nutraceutical, cosmetic, and oral care markets. Axim also has more than 20 clinical products planned, and is in the process of developing pharmaceutical-candidates using chewing gum and other delivery methods, such as suppositories, transdermal delivery systems, and transconjunctival, among others, f...