CannRx Technologies and iCAN:Israel-Cannabis have announced the formation of a joint venture (JV) in a bid to market ican.sleep, the sleep cannabis formulation.

Developed by CannRx using CannTrap platform, ican.sleep, is the first Cannaceutical available to adults suffering from sleep disorders.

The CannTrap technology captures and stabilises cannabinoids that are soluble and adequately bioavailable.

ican.sleep is planned to be launched worldwide, following patient trials set to take place in the third quarter of this year. 

It will use pharmaceutical grade delivery systems that provide a stable, controlled dose of a cannabis formulation.

"Using the breakthrough CannRx technology that can be used to rapidly induce sleep with a prolonged 'through the night' therapeutic effect will be of great benefit to this population."

CannRx Technologies executive chairman Bill Levine said: "According to numerous studies, close to 20% of the population in the west suffer from insomnia and it is a serious medical problem.

"Using the breakthrough CannRx technology that can be used to rapidly induce sleep with a prolonged 'through the night' therapeutic effect will be of great benefit to this population."

The current drugs available for insomnia are effective in providing short-term relief of symptoms by improving sleep onset and duration.

In Europe, exiting insomnia treatments are only approved for short-term use.

Initially formed as a subsidiary of Izun Pharma, CannRx is a company with experience in the specialty pharma area of botanical medicine.