Shares in Laguna Blends Inc (CSE:LAG) shot up after a clinical trial of its facial serum showed 100% overall improvement of the skin appearance in all subjects.
In a two week trial of the cannabis extract facial serum, all 21 of the female test subjects reported an overall improvement in the appearance of their skin, including skin texture and wrinkles.
"Obviously when you receive a 100% improvement with a product you have a home run type of product with proven science and clinical data,” said president Ray Grimm.
The group recently announced that it had entered into a non-binding letter of intent to acquire the exclusive license and Cannaceuticals “Canna” brand name of the Swiss developed cannabis extract skin care line.
“Management believes that this proposed acquisition will immediately establish Laguna as a player in the skin care category,” said Grimm.
Assuming it is able to acquire rights to these products under a definitive agreement, the group anticipates that this will position it to be a player within the direct sales industry.
According to a recent report, the global skin care industry is expected to reach US$121bn in 2016.
Laguna’s face serum uses cannabidiol, a non-psychoactive cannabinoid extract found in the hemp plant. It and all other cannabinoids in the cannabis plant were patented by the United States Government in 2003 as neuroprotectants and antioxidants.
Shares rose 12.5% to US$0.27.