As part of this deal, the university is looking forward to advancing new formulations of CBD to meet serious medical conditions where non-psychotropic cannabinoids can play a significant role.
The company noted that CBD has shown evidence of therapeutic activity in a variety of diseases, particularly those involving the nervous system, immune reactivity and inflammation
Nemus chief medical officer Brian Murphy said: "When working with cannabinoids, it is important to develop therapies that enhance bioavailability in a predictable and safe way.
"This is a central tenet of our cannabinoid research program and underlies our objectives in the development of proprietary forms of CBD that could have multiple candidate routes of administration based on the disease state of the patient.
"Our next steps will be to prioritize medical indications where CBD will be effective using technology platforms developed by our partners at UM."
Nemus and the University of Mississippi entered into a research and in-licensing collaboration agreement last year.