Listed healthcare companies team up for cannabidiol skin care products

Listed healthcare companies team up for cannabidiol skin care products

Two listed health and skin care companies have entered into a partnership to develop a range of natural cannabidiol skin care products.

Skin Elements Limited (ASX: SKN) and Affinity Energy and Health Limited (ASX: AEB) have entered into a memorandum of understanding (MoU) to pursue the application of Affinity's algae biomass and oils, and cannabis oils, for use in Skin Elements' range of skin care products.

Both parties have significant expertise in their respective fields. Skin Elements is the company behind organic skin care products like Soléo Organics, PapayaActivis, Complete Esscience, and the Elizabeth Jane Natural Cosmetics Brand.

Affinity is one of the numerous cannabis players on the ASX at the moment, but also has expertise in algae-based nutraceuticals and animal feed and aquaculture markets.

The Cannabis Index: A complete guide to cannabis stocks on the ASX

Under the MoU, Affinity will supply its algae and cannabis oil formulations which Skin Elements will utilise to develop new products.

Skin Essence says that using the high quality algae and cannabis oil formulations in its skin care offerings will greatly enhance the benefits and outcomes of the products.

For example, the company says that algae is a strong source of anti-oxidants, is high in Omega-3 acids, key minerals and vitamins, and essential proteins.

"These have been proven to benefit skin hydration, regeneration, moisturisation, protection against UV, as well as improving the appearance of scarring, reducing free radicals and inflammation," says Skin Essence in its ASX release.

The company will also be looking forward to getting access to CBD to take advantage of its impact on receptors in the skin called the endocannabinoid system.

"One key targeted benefit of CBDs in skin care is high antioxidant protection to help fight signs of ageing," says Skin Essence.

"CBDs assist in reinvigorating the receptors which interact with your endocannabinoid system targeting increased moisture, improved elasticity and a more youthful appearance overall."

The company says that as a leader in the space it hopes to be able to tackle problems like acne and psoriasis.

"There are very few skin care companies in the world offering a combined all natural algae and CBD product," says Skin Essence.

The MoU is a non-binding agreement with an initial timeframe of 12 months and the capacity to extend subject to the agreement of both parties, making Affinity the exclusive supplier of both algae and CBD oils to Skin Elements.

The financial impact of the deal is yet to be determined.

Shares in Affinity are up 7.69 per cent to $0.014 per share at 10.41am AEST.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Owner of Houston’s Farm, Sunfresh and Gourmet Selections enters administration

Owner of Houston’s Farm, Sunfresh and Gourmet Selections enters administration

A national vertically integrated farming and ready-made salad manuf...

Body Fit Training sets sights on Scandinavia with master franchise agreement

Body Fit Training sets sights on Scandinavia with master franchise agreement

After opening up 42 new studios globally in 2024 to date, Melbourne...

AI is not a magic wand – it has built-in problems that are difficult to fix and can be dangerous

AI is not a magic wand – it has built-in problems that are difficult to fix and can be dangerous

By now, all of us have heard and read a lot about artificial intell...

Sleeping Duck founders win court case against angel investor Adir Shiffman

Sleeping Duck founders win court case against angel investor Adir Shiffman

Dr Adir Shiffman, an angel investor who helped turn around the fort...