By Exec Edge Editorial Staff
Charlotte’s Web Holdings, Inc. said it formed a joint venture with AJNA BioSciences PBC, a botanical drug development company focused on mental health and neurological disorders, and a subsidiary of British American Tobacco PLC (NYSE: BTI).
The joint venture will file an investigational new drug application this year with the FDA and begin clinical development, the company said in a statement. BAT has invested $10 million and holds a 20% equity interest, while Charlotte’s Web and AJNA hold 40% of the voting common units each.
The joint venture will be led by Orrin Devinsky, a renowned neurologist and researcher who helped develop the cannabis-based FDA-approved drug, Epidiolex, it said.
“Our investment in the Joint Venture reinforces our commitment to Charlotte’s Web and represents another step for BAT in our exploration beyond tobacco and nicotine,” said James Barrett, Commercial Director of Wellbeing and Stimulation at BAT. “We continue to transform our business, through strategic investments in innovative consumer, new sciences and technology businesses, as part of our purpose to build A Better Tomorrow.”
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