Aurora Cannabis together with 22nd Century Group announced a three-way nonexclusive agreement to license biosynthesis intellectual property to Cronos Group, intended to assist in the advancement of research and development on the biosynthesis of cannabinoids.
“We are deeply interested in the evolution of cannabinoids, and this is a promising step toward the commercialization of cannabinoid products using biosynthesis,” said Miguel Martin, CEO of Aurora. “The long-term potential for rare cannabinoid molecules produced through biosynthesis is incredibly promising given their efficient production methods and potential therapeutic benefits and utility in health, wellness and consumer products.”
“This license combines the resources and intellectual property of all three companies in this agreement intended to facilitate the commercial success of a biosynthetic approach, which complements the disruptive plant-based advancements 22nd Century and Aurora continue to develop to bring more consistent and higher yields to the hemp and cannabis industry,” said James A. Mish, CEO of 22nd Century Group, in a statement. “We believe that the availability of both plant-based and biosynthetic cannabinoids will be important to the commercial success of our industry, and this agreement positions 22nd Century, Aurora and Cronos Group with an important role in each approach.”
“Cronos Group has successfully commercialized the first cultured cannabinoid product in Canada. Licensing this intellectual property provides us with a component of the process that could allow for increased speed and efficiency in the development and commercialization of cultured cannabinoids,” said Kurt Schmidt, president and CEO of Cronos Group.