Charlotte's Web Holdings has formed a joint venture with AJNA BioSciences PBC and a subsidiary of British American Tobacco PLC, which is contributing US$10 million as the initial investor. AJNA is partially owned and was co-founded by its president, Joel Stanley, the former CEO and Chairman of the board of Charlotte's Web, together with certain other founding members of CW.
Orrin Devinsky, M.D., Ph.D., renowned neurologist and researcher, and AJNA's Chief Medical Advisor, will lead the JV's clinical and regulatory strategy. "As one of the first clinicians to research novel cannabinoids, I am very excited to work on this project. I believe the properties of cannabis and hemp are well suited for the FDA's new Botanical Drug Development pathway", Dr. Devinsky said.
Jacques Tortoroli, CEO of Charlotte's Web, said, "This joint venture is a capital-efficient way for Charlotte's Web to unlock the value of its intellectual property to advance the development of effective botanical alternatives to current neurological pharmaceuticals."
James Barrett, Commercial Director of Wellbeing and Stimulation at BAT, said: "Our investment in the Joint Venture reinforces our commitment to Charlotte's Web and represents another step for BAT in our exploration beyond tobacco and nicotine. We continue to transform our business, through strategic investments in innovative consumer, new sciences, and technology businesses, as part of our purpose to build A Better Tomorrow."
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Charlotte's Web Holdings
charlottesweb.com