Willow Biosciences Inc wrapped up its latest quarter with a cash balance of C$40.7 million to execute on its commercialization plans for its proprietary biosynthetic cannabinoid products.
The company said that it expects to be at full commercial production in 2022 of its lead product, cannabigerol (CBG), which has a number of unique properties that make it particularly appealing for pharmaceutical and consumer markets.
During the quarter ended June 30, 2021, Willow inked its first multiyear commercial agreement with cosmetics firm Cellular Goods that will see Willow supplying its high-purity CBG for the firm’s cannabinoid-based skincare products.
READ: Willow Biosciences beefs up commercial and R&D teams as it expands portfolio to include additional cannabinoids
Throughout the remainder of 2021, the company told investors that it plans to continue to optimize its commercial process for CBG, which is now at manufacturing scale, and added that it hopes to build out a “robust order book” for 2022.
Vancouver-based Willow told investors that it is in a strong position to execute on its business plan.
"We continued to make substantial strides forward in the second quarter, highlighted by our first commercial agreement for CBG," Trevor Peters, Willow's CEO, said in a statement.
"As the industry for cannabinoids continues to grow, we are positioning Willow to be a global player with the ability to meet the various demands of all customers. Many groups have identified the global market for biosynthetically derived cannabinoids to be a multi-billion-dollar opportunity in the coming years, and by having demonstrated our ability to not only commercially produce, but execute on a multi-year supply agreement, we are set up to take advantage of a large global market as the leader in the space."
Willow is also working on biosynthetic production of a number of other rare cannabinoids that it hopes to advance to manufacturing scale, including tetrahydrocannabinol (THC), cannabidivarin (CBDV), cannabigerovarin (CBGV), tetrahydrocannabivarin (THCV), and Cannabinol (CBN).
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