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BAT subsidiary AJNA BioSciences PBC and Charlotte’s Web have formed a joint venture to apply to the US Food and Drug Administration (FDA) for approval of a therapeutic drug made from cannabis extract.
In this project, AJNA invested $10 million. According to the agreement, Charlotte’s Web and AJNA each own 40% of the entity’s equity, with the remaining shares belonging to BAT.
In the CBD field, BAT has also invested in Canadian cannabis company OrganiGram and German cannabis company Sanity Group, and joined Casa Verde Capital under Snoop Dogg.
So far, few companies have taken action to apply for FDA authorized CBD drugs. Only one similar drug has been recognized, GW Pharma’s Epidiolex (an epilepsy treatment drug made from CBD). But the FDA pointed out that it has also approved three synthetic marijuana related drug products.
Jefferies analyst Owen Bennett stated in a research report, “This is the first attempt by tobacco companies to enter drug development. Given Epidiolex’s sales of $740 million last year, the outlook is very attractive
The joint venture will start clinical research and development this year, and describe the candidate drugs as “new plant drugs for nervous system disease”. British American Tobacco declined to disclose further details about the drug’s treatment.
On Thursday, Charlotte’s Web’s stock rose as high as 21%, while BAT’s stock rose as high as 1.5%.
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