Willow Biosciences Inc (TSE:WLLW) (OTCQX:CANSF) (FRA:3D7) told investors it expects its first sales of CBG in the second quarter of 2021 - six months ahead of expectations.
In a statement, the biotech told investors it had selected a contract manufacturing organization (CMO) to manufacture its first cannabinoid, cannabigerol (CBG), with a first commercial-scale multi-kilogram run scheduled for the first quarter next year.
READ: Willow Biosciences ends 3Q with C$9.1M in cash after successful pilot production of CBG
"Advancing to commercial-scale production is the final step in our transition to becoming a revenue generating company," said Trevor Peters, Willow's CEO, in a statement.
"Our ability to begin this important milestone ahead of expectations is a testament to our exceptional scientific and commercially minded team.
"We are seeing strong interest in our CBG samples and are working closely to understand the needs of potential customers," he added.
"Willow will be uniquely positioned to take advantage of what many industry experts are projecting to be a multi-billion dollar market."
The leading CMO will produce commercial quantities of the company's ultra-pure CBG at their European facilities.
Chris Speed, Willow's senior VP of sales and marketing, commented: "By manufacturing its initial commercial production volumes in Europe, the company will benefit from strong demand in this region. Willow's ultra-pure CBG is well suited to this market's preference for high-quality ingredients across the globe and is expected to drive long term customer acceptance and commercial success."
Shares jumped 9% to C$0.70 in Toronto on the day.
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Contact the author at giles@proactiveinvestors.com