A non-binding term sheet signed in June outlined proposed terms for the licensing of Rhinomed’s patented nasal technology platform which will enable Columbia and Rhinomed to jointly develop a range of unique cannabinoid products targeting a wide range of significant and unmet clinical and consumer health needs in the US.
Rhinomed has advised that while negotiations are “substantially complete”, the signing of the agreement is likely to be before month end.
The deal will leverage Rhinomed’s nasal platform with development taking place at Columbia’s US research and manufacturing facilities.
According to Rhinomed chief executive officer Michael Johnson, joining forces with Columbia will enable both companies to establish a leadership position in the largest market in the world.
“Partnering with Columbia Care [allows us] to bring a revolutionary range of nasally-administered, dose-controlled, cannabis-based formats to the US market,” he said.
“By offering consumers and clinicians access to range of products that solve specific unmet clinical needs, we believe we can modernise this market in a new and radical way.”
Columbia Care is the biggest provider of cannabis-based products and services in the US, which is currently the world’s largest medical marijuana and medical device market.
With licenses in 12 densely-populated US states and territories, Columbia Care is positioned to offer its pharmaceutical-quality medicines to more than half the nation’s population over the next two years.