Sharing iMovie projects between iOS devices

Is there an easy way to share iMovie projects between iOS devices? I'll give you an example...

Say you are on vacation with a 10 hour flight involved. You have your iPhone and your iPad. They both have iMovie. You record video on your iPhone but you want to edit it on your iPad because of the larger screen. You dont have a laptop or Mac with you so you cant save the videos to iTunes but you have backed up your camera roll to iCloud. You begin to make an iMovie project on your iPhone with the videos you have recorded. You then back up iMovie to iCloud.

Is it possible to save an iMovie project to iCloud and then download it to a different iOS device?