Cellular Goods PLC (LON:CBX) signed a multi-year supply agreement for cannabigerol (CBG) with Toronto-listed Willow Biosciences.
Willow will supply Cellular Goods with its proprietary, ultra-pure, biosynthetically produced, cannabigerol to be used in Cellular Goods' premium cannabinoid-based skincare products which will be launched in the autumn of 2021.
"Successful products start with the best ingredients and being able to source consistent, highly pure cannabinoids via cellular agriculture from a trusted provider like Willow is essential to our business. CBG is the most promising cannabinoid for skincare applications and we believe it will become a must-have upgrade to people's daily routines,” said Alexis Abraham, the chief executive officer of Cellular Goods.
“Cellular Goods will be the first to bring a range to market in the UK built on our core principles of delivering efficacy-led and research-backed consumer cannabinoid products,” Abraham added.
Shares in Cellular Goods rose 2.8% to 7.25p following the announcement.