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Ocean Grown Ventures Launches in U.S. Cannabis Market via Partnership with Panaxia Pharmaceutical

LOS ANGELES--(BUSINESS WIRE)--

Company will provide consumers with reliable formulations that meet pharmaceutical manufacturing standards

Ocean Grown Ventures (the “Company”), a science-focused cannabis company offering wellness solutions that meet pharmaceutical manufacturing standards, today announced a strategic partnership with global medical cannabis leader Panaxia Pharmaceutical Industries (“Panaxia”) to supply the highest quality cannabis-derived products to the U.S. market.

The agreement grants Ocean Grown Ventures exclusive rights to manufacture and distribute Panaxia’s proprietary THC formulations throughout California, the world’s single largest cannabis market, and separately, the non-exclusive rights to distribute Panaxia’s hemp-based CBD formulations globally. Through the partnership, Ocean Grown Ventures also leverages more than 10 years of world-class research, clinical studies and world-renowned scientific innovations in medical cannabis.

The Company’s product commercialization and manufacturing also meets stringent current good manufacturing practices (GMP) for their facilities and processes. Manufacturing is conducted under quality control restraints and there are four in-process-control evaluations performed throughout the chain of production. By adhering to strict scientific standards, Ocean Grown Ventures is able to ensure accurate and consistent dosing for reliable relief.

“This partnership is groundbreaking – not just for our companies, but for the wider legal cannabis industry and the millions of U.S. adults who seek consistent, reliable formulations for relief,” said Jerry Katz, founder and chief executive officer of Ocean Grown Ventures. “Panaxia shares our science-first philosophy. Together, we are raising the bar by bringing the highest-quality medical standards into the world of wellness. It’s not just the cannabinoids that make our products effective. It’s the science.”

Ocean Grown Ventures plans to officially launch its product line in the coming weeks, initially offering full-spectrum hemp CBD products, with plans for THC products soon after. This portfolio is backed by Panaxia’s scientific expertise, research and development to ensure personalized, comfortable relief. These products will be available for purchase through an e-commerce website and select health practitioners, opening up access to high-quality cannabis-derived products for any U.S. consumers over the age of 18.

“We are thrilled to partner with Ocean Grown Ventures, whose U.S. market expertise will allow us to reach more people in need of consistent and reliable products,” said Dadi Segal, Ph.D., chief executive officer of Panaxia. “Our companies mutually recognize the importance of taking the guesswork out of wellness; it’s why we put such an emphasis on clinical innovation to create best-in-class solutions, and we look forward to partnering with Ocean Grown Ventures to create certainty and reliability for cannabis-derived wellness in the United States.”

About Ocean Grown Ventures

Ocean Grown Ventures (the “Company”) offers the highest-quality cannabis-derived wellness solutions to the U.S. market and beyond by meeting standards usually reserved for pharmaceutical companies. Through its exclusive partnership with renowned Israeli pharmaceutical pioneer Panaxia Pharmaceutical Industries, Ocean Grown Ventures has sales and distribution rights to consistent and proprietary formulations that meet current Good Manufacturing Practices (GMP) standards. The Company applies Panaxia’s world-class scientific expertise to develop and market formulations that offer customized and accessible solutions. Ocean Grown Ventures is headquartered in Los Angeles, California. For more information, or to inquire about white-label opportunities, please visit Ocean Grown Ventures’ website at OceanGrownVentures.com.

About Panaxia Pharmaceutical Industries Ltd.

Panaxia Pharmaceutical Industries Ltd. (“Panaxia” or the “Company”) is an Israeli manufacturer of pharmaceutical dosage forms incorporating cannabinoids as an active ingredient. The Company is part of a larger group of companies which have manufactured pharmaceuticals for more than 40 years. Together, the group produces more than 600 different conventional medication products in Israel, with a wide range of indications from sore throat lozenges to dermal fillers. The group sells into more than 40 countries, with a heavy focus on research and development. Outside the United States, Panaxia has been developing and manufacturing pharmaceutical products based on cannabis derivatives since 2010. To learn more, visit panaxia.co.il/.

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