PreveCeutical Medical Inc (TSX:PREV) (OTCQB:PRVCF) reported good progress in its soluble gel drug delivery research and development (R&D) program.
It has applied its protocol and optimised cannabinoid extraction from two cannabis strains provided by the company's licensed producer partner Aurora Cannabis Inc.
Preveceutical's chief research officer Dr. Harendra Parekh said: "This is an important verification of our efforts in reproducibly extracting and identifying cannabinoid and THC-rich fractions from plant material, leading to distinct fingerprints for a given strain."
"We are excited with how the fingerprinting of the cannabis strains is progressing," added PreveCeutical's chairman, chief executive and president Stephen Van Deventer.
"With the CBD Sol-gel formulations and applicator development on track, this brings us one step closer to getting the Sol-gel nose-to-brain delivery system to market."
PreveCeutical said it aims to fingerprint two more cannabis strains by 2019, which will bring the total number of distinct fingerprinted cannabis strains in its target cannabinoid concentration range to five.
The company aims to use the fingerprints to generate a range of cannabinoid-based Sol-gel formulations each with a distinct, well-defined cannabinoid composition profile.