Charlotte’s Web, BAT subsidiary seek FDA approval for hemp drug

Colorado-based CBD and hemp company Charlotte’s Web Holdings and a British American Tobacco subsidiary are teaming up to seek U.S. Food and Drug Administration approval for a drug containing hemp.

British American Tobacco (BAT) is investing $10 million toward the new joint venture between AJNA BioSciences PBC and Charlotte’s Web, according to a news release.

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AJNA, a Littleton, Colorado-based company that makes botanical drugs for mental health and neurological disorders, was co-founded by Joel Stanley, a former CEO and board chair of Charlotte’s Web.

The $10 million investment gives BAT a 20% equity interest in the form of preferred units, and the London-based company can participate in future equity issuances to maintain its position.

Charlotte’s Web, based in Boulder, and AJNA each possess 40% of the joint venture’s voting common units.

The joint venture, to be co-led by representatives of Charlotte’s Web, AJNA and BAT, will

The post Charlotte’s Web, BAT subsidiary seek FDA approval for hemp drug appeared first on GrowCola.com.

Colorado-based CBD and hemp company Charlotte’s Web Holdings and a British American Tobacco subsidiary are teaming up to seek U.S. Food… Continue reading
The post Charlotte’s Web, BAT subsidiary seek FDA approval for hemp drug appeared first on GrowCola.com. 

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