NetworkNewsWire Editorial Coverage: The cannabinoid-based pharmaceutical market is rapidly expanding, driving increased demand for a reliable flow of high-purity cannabinoids. With a market that’s expected to grow from $2 billion in 2020 to $50 billion in only nine years, according to Statista(http://nnw.fm/3Uta4), biotechnology companies are increasingly focused on the development of proprietary systems and procedures to drive research and production of cannabinoid pharmaceuticals. One of the leading companies in this sector is InMed Pharmaceuticals, Inc. (CSE: IN) (OTCQB: IMLFF) (IMLFF Profile), which has created proprietary systems for bioinformatics and biosynthesis manufacturing of pharmaceutical-grade cannabinoids. Axim Biotechnologies, Inc. (OTCQB: AXIM) is taking a broader approach as the creator of innovative systems for the research, development and manufacture of new products in the pharmaceutical, nutraceuticals, phytoplant and botanical fields. These companies rely on bioinformatics tools to identify cannabinoids for medical applications; another industry participant in this regard is Cannabics Pharmaceuticals, Inc. (OTCQB: CNBX), which focuses on the development of personalized diagnostic and bioinformatics tools. Aphria, Inc. (TSX: APH) (OTCQB: APHQF), on the other hand, leverages the capabilities of its proprietary systems to produce agriculturally grown medical cannabis. Primarily focused on the development of modified and reduced-risk tobacco products aimed at reducing the harm caused by smoking, 22nd Century Group, Inc. (NYSE: XXII) is also gaining ground in the cannabinoid market by successfully creating industrial hemp plants that contain zero tetrahydrocannabinol (THC).
These are just some of the biotechs that have recognized the benefits of creating proprietary systems for new product development. These systems provide them with increased control over outcomes in their drive to create product of consistently high purity. This is critical in the emerging cannabinoid drug sector, where the Food and Drug Administration (FDA) has major concerns regarding the consistency of drugs and products manufactured from agricultural cannabis. Any biotech in this sector striving for approval from the FDA must ensure that its products are able to survive rigorous pharmaceutical testing and manufacturing standards.
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Biotechs Develop Proprietary Systems to Drive CBD Research and Development
