Premier Biomedical Inc. agreed to form a joint venture with New Earth Development Corp., RushNet Inc., and XYZ Hemp Inc. to manufacture and sell anti-addiction patches.
The product will be based on topical pain relieving patch technology marketed by Premier Biomedical.
The anti-addiction patch contains hemp oil extracts and a patented combination of U.S. Food and Drug Administration-approved drugs naltrexone and cyclobenzaprine.
The patch is expected to eliminate a desire for opioid abuse. Each patch is designed to provide continuous treatment for seven to 10 days.
The joint venture is targeting global sales due to the opioid epidemic in the U.S. and internationally, Premier Biomedical said in a news release.