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AXIM® Biotechnologies Announces Cultivation Agreement to Establish Company's First Domestic Industrial Hemp Source & Begins HarvestingSAN DIEGO, Sept. 17, 2019 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (“AXIM® Biotech,” “AXIM” or “the Company”) (OTCQB: AXIM), a world leader in cannabinoid research and development, today announced that it has signed a cultivation agreement with a top hemp farm in North Carolina to establish the Company’s first domestic industrial hemp source. “As we expect to begin harvesting some of the crop this week, we believe that our investment into the partnership with this hemp farm is the first step for the Company to become domestically vertically integrated and gain greater control over the sourcing of our products,” said John W. Huemoeller II, Chief Executive Officer of AXIM® Biotech. “While we will continue to also source hemp from our trusted partners in Europe, we look forward to the many unique opportunities and decrease in production costs that this new domestic source will likely provide us.” The partnership farm has been testing various growing methods and strains of hemp to maximize cultivation efficiency and produce the highest quality plant yield. The extract collected from this hemp intends to be used to create full spectrum hemp oil with cannabidiol (CBD) for the Company’s line of nutrceutical products. Hemp grown on the farm was recently tested and meets the federal requirement of containing less than .03 percent of tetrahydrocannabinol (THC). In the future, the Company aims to expand its crop yield potential as it continues to build out its domestic hemp supply. Sourcing its hemp from a domestic farm allows the Company to decrease the cost of production and also gives the Company significantly more control over its entire production process, further ensuring safety, consistency and quality. AXIM also has the first right of refusal to purchase any hemp oil produced through the crop. For more information about the company, please visit www.aximbiotech.com. About AXIM® Biotechnologies AXIM's flagship pharmaceutical product, MedChew® with dronabinol, is planned to undergo a bioequivalence study in the near future to fast track through FDA as an alternative to approved Marinol. For more information, please visit www.AXIMBiotech.com. FORWARD-LOOKING DISCLAIMER CONTACT: A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6d02fdea-7428-4e71-b08a-f2b02343d24b |