Ontario-based medical cannabis company WeedMD (TSX:WMD) has entered into an agreement with the biotechnology company Revive Therapeutics (TSX:RW).
The announcement, which was released on Wednesday, has said that both companies will collaborate on the research and development supply in the medical cannabis industry.
WeedMD will be providing Revive with cannabidiol (CBD) for the company’s research program that will be “evaluating CBD in the treatment of liver disease, specifically non-alcoholic steatohepatitis (NASH) and autoimmune hepatitis (AIH).”
With Revive, WeedMD will also be supporting research and development that could possibly lead to commercializing the use of CBD in the treatment of liver diseases.
Together, both Revive and WeedMD will also be able to “identify opportunities for developing and commercializing medical cannabis products and therapies for potential collaboration in other treatments.”
Fabio Chianelli, the President of Revive, has said that the partnership with “WeedMD represents a significant milestone for Revive as [they] have secured a strategic supply of medical-grade CBD for [their] research, development and commercialization efforts for liver diseases.”
Revive currently has several CBD-based medical product candidates in its pipeline, including a topical CBD for muscle and joint pain.
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According to Luc Duchesne, Chief Scientific Officer of WeedMD, both companies are “are making advances as participants in the pharmaceutical cannabis market which begins with the validation of new products and innovations through clinical evidence and the establishment of intellectual property.”
Both companies may be able to help create more new CBD products for the treatment of liver diseases.
WeedMD is said to be an ideal partner for Revive because of WeedMD’s “commitment to the research, development and commercialization of medical grade cannabis.”
Shares of Revive fell 4.76% on Wednesday after the announcement had been made. The company was able to close at a share value of $0.20 CAD.
WeedMD shares also declined by 1.08% and the company was able to close at $1.83.
Do you think this will be a successful partnership?
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