Why Ginkgo Bioworks Shares Are Rising After Announcement With Partner Cronos Group

Ginkgo Bioworks Holdings Inc DNA shares are trading higher by 7.63% to $2.68 after the company, and Cronos Group Inc CRON, announced the achievement of the third target productivity milestone in their partnership to produce eight cultured cannabinoids.

Using Ginkgo's platform for organism design and development, Cronos says the company has successfully achieved the productivity target for tetrahydrocannabivarin (THCV), a cannabinoid hypothesized to reduce the appetite-enhancing property of THC.

Cronos added that, launched in 2018 with the goal of accessing rare molecules in the cannabis plant to create innovative and differentiated products that would otherwise be cost-prohibitive, the partnership between Cronos and Ginkgo aims to produce cultured cannabinoids at an industrial scale.

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Ginkgo Bioworks is building a platform to enable customers to program cells as easy to program computers.

According to data from Benzinga Pro, Ginkgo Bioworks has a 52-week high of $15.86 and a 52-week low of $2.09.

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