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Canadian marijuana titan Aurora Cannabis Inc. (NASDAQ:ACB) (TSX:ACB) together with 22nd Century Group, Inc. (NASDAQ:XXII) will license biosynthesis intellectual property to Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON). The licensed intellectual property is designed to help advance the research and development of the biosynthesis of cannabinoids.
What is biosynthesis?
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Biosynthesis is a process common in the pharmaceutical industry, which involves using living micro-organisms to convert simple substances into complex compounds. Through biosynthesis, cannabinoids - particularly those that are rare such as cannabigerol (CBG), cannabichromene (CBC) and cannabinol (CBN) - are expected to be produced efficiently and reliably at high levels of purity.
"We are deeply interested in the evolution of cannabinoids, and this is a promising step toward the commercialization of cannabinoid products using biosynthesis," Miguel Martin, Aurora CEO said. "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."
Under licensing agreements, Aurora and the 22nd Century Group together share the global IP rights to commercialize key aspects of cannabinoid biosynthesis in plants and micro-organisms. The two companies are working closely to enforce their IP against infringing parties, as well as to actively explore commercial development opportunities.
Aurora's connection to the biosynthetic production of cannabinoids originated with early work carried out by the company's former chief science officer on the discovery of key genes within the cannabinoid biosynthesis pathway.
"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,” James A. Mish, CEO of 22nd Century Group said in a statement.
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Price Action
Aurora’s shares traded 0.17% lower at $5.86 per share during Wednesday pre-market session, while 22nd Century Group’s shares traded 5.99% higher at $2.30 per share.
At the same time, Cronos’ stock was up 0.25% trading at $4.09 per share.
Photo: Courtesy of Esteban Lopez on Unsplash
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.