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Intrexon Corporation (NASDAQ:XON) announced a $100 million partnership with Surterra Wellness to advance its cannabinoid production.
The companies will join forces to push forward Surterra's cannabinoid production at a cost-effective, industrial scale utilizing Intrexon's proprietary yeast fermentation platform.
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Earlier this year, Intrexon entered a strategic licensing agreement with Surterra Wellness to utilize its plant propagation platform, Botticelli. Surterra is using Intrexon’s technology for the production of specific cannabis cultivars in the Florida market
Cannabinoid is part of a class of diverse chemical compounds that acts on cannabinoid receptors, also known as the endocannabinoid system in cells that alter neurotransmitter release in the brain. Cannabinoid-producing yeast may also make it easier to study cannabis.
Intrexon shares traded higher by 12.5% to $8.54 at time of publication.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.