Bioxyne subsidiary Breathe Life Sciences has joined forces with CanXChange to facilitate wholesale trading in Australia’s growing cannabis market.

Bioxyne’s (ASX:BXN) wholly-owned subsidiary Breathe Life Sciences (BLS) and tech company CanXChange have inked a joint venture deal to launch an AI-powered B2B pharmaceuticals platform in Australia.

BXN says the platform, expected to go live in Australia in Q4 2023, will target Australia’s fast growing $500 million medicinal cannabis market to facilitate wholesale trading between licensed buyers, sellers, cultivators, and accredited manufacturers in the country.

The platform will also open international markets for Australian medicinal cannabis companies licensed to export.

CanXChange is the largest B2B cannabis platform in Europe with a strong reputation, market access, and technology.

Headquartered in London, the company is building market infrastructure for the cannabis industry and specialises in providing digital exchange venues, payment, compliance, and data services.

BXN says CanXChange develops its own proprietary technologies and is at the forefront of AI R&D for its industry.

With a global reach and with more than €30m of transactional volumes to date, CanXChange has become Europe’s largest cannabis B2B online marketplace.

Global cannabis market set to rapidly grow

The global cannabis market size is forecast to grow from US$57.18 billion in 2023 to US$444.34 billion by 2030, at a CAGR of 34.03% during the forecast period.

“We are excited to launch CanXChange Australia, operated and sponsored exclusively by our Australian licensed entity BLS Wholesalers,” CEO Sam Watson says.

“It’s a phenomenal platform and tool, and we expect significant uptake in the market.”

CanXChange CEO Alex Arkentis says he is excited to be working with Breathe Life Sciences in Australia.

“CanXchange has a significant track record in Europe working with Breathe Life Sciences, and this joint venture in Australia is a strong statement made by both companies to develop technological and operational efficiency standards for the Australian Medicinal cannabis industry, which has recently become the most coveted market for medicinal cannabis in the world” Arkentis says.

Revenue jump following BLS acquisition

BXN recorded pro-forma annualised aggregated group revenue for the year ending June 30, 2023, of about $7.7 million, up more than 200% over the previous financial year following its acquisition of BLS in May 2023.

BLS was co-founded by Watson, who after the acquisition became BXN co-CEO.

BLS itself saw a +400% increase in revenue to $5.3 million and is targeting further growth following the acquisition and launch of BLS Clinics – Australian Online tele-Healthcare platform, in June 2023, and expanding its pharmaceuticals, consumer health products and ecommerce footprint in various markets.

BLS’s trademarked Dr Watson brand, started by Watson in the UK, focuses on alternative consumer health products, new-pharmacopoeia and unregistered medicines.

The company announced in July Dr Watson mushroom nootropics and CBD supplements are now selling on Amazon in the UK, Japan, and EU markets.

Watson says medicinal mushroom extracts, which are food supplements (not psylocibin) such as Lion’s Mane, Reishi, Cordyceps, Shiitake – are fast becoming the most popular replacement for coffee and other cognitive enhancers.

Dr Watson products combine the mushrooms with vitamins and minerals in its proprietary formulations.

Watson says Dr Watson is now positioned to become a significant player in the biggest supplement and nootropics market in the world on the biggest Ecommerce platform (Amazon USA).

This article was developed in collaboration with Bioxyne, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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