PreveCeutical Medical Inc. announced that it has entered into a license agreement with its subsidiary PreveCeutical (Australia) Pty Ltd. for the exclusive rights to the Sol-Gel intellectual property and technology for the delivery of cannabinoids. PAPL has an exclusive license agreement with UniQuest Pty Ltd, the commercialization company of The University of Queensland, giving PAPL the right to use and sub-license the Sol-Gel technology (patent application AU2020903065 titled "Sol-gel composition") to deliver naturally occurring cannabinoids and chemically synthesized versions thereof to all regions and membranes of the body including nasal delivery. This license agreement provides PreveCeutical the ability to enter into a commercial transaction with a third-party partner in relation to both the PreveCeutical and PAPL intellectual property in preparation for potential commercialization.