Business
Charlotte's Web forms Joint Venture with BAT and AJNA BioSciences to Seek FDA-Approval for Proprietary Full Spectrum Hemp Extract Botanical Drug
Charlotte's Web forms Joint Venture with BAT and AJNA BioSciences to Seek FDA-Approval for Propri...
About this update from Charlotte's Web Holdings, Inc.
[{"type":"text","content":"\n \n \n \n Charlotte's Web forms Joint Venture with BAT and AJNA BioSciences to Seek FDA-Approval for Proprietary Full Spectrum Hemp Extract Botanical Drug\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n BAT acquires 20% stake for\n \n US$10 million\n \n , with Charlotte's Web and AJNA each owning 40%\n \n \n \n \n Renowned neurologist Dr.\n \n Orrin Devinsky\n \n , Chief Medical Advisor for AJNA, to lead the project\n \n \n \n \n \n DENVER\n \n \n ,\n \n \n April 6, 2023\n \n \n /CNW/ - (TSX: CWEB) (OTCQX: CWBHF), Charlotte's Web Holdings, Inc. (\"Charlotte's Web,\" \"CW\" or the \"Company\"), the market leader in full-spectrum hemp extract wellness products, today announced it has formed a joint venture (the \"JV\") with AJNA BioSciences PBC (\"AJNA\"), a botanical drug development company focused on mental health and neurological disorders , and a subsidiary of British American Tobacco PLC (LSE: BATS and NYSE: BTI) (\"BAT\"), which is contributing\n \n US$10 million\n \n as the JV's initial investor. AJNA is partially owned and was co-founded by its president,\n \n Joel Stanley\n \n , the former CEO and Chairman of the board of Charlotte's Web, together with certain other founding members of CW.\n \n \n \n \n \n \n \n \n \n The JV was established to pursue FDA-approval for a novel botanical drug to target a neurological condition identified by the JV leadership team, which will be comprised of CW, AJNA and BAT representatives. This novel botanical drug will be developed from certain proprietary hemp genetics of CW. The JV plans to engage with the FDA to file an Investigational New Drug (\"IND\") application and commence Phase I clinical development in 2023.\n \n \n BAT holds a 20% equity interest in the...