Colorado-based CBD and hemp company Charlotte’s Web Holdings and a British American Tobacco subsidiary are teaming up to seek U.S. Food and Drug Administration approval for a drug containing hemp.
British American Tobacco (BAT) is investing $10 million toward the new joint venture between AJNA BioSciences PBC and Charlotte’s Web, according to a news release.
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AJNA, a Littleton, Colorado-based company that makes botanical drugs for mental health and neurological disorders, was co-founded by Joel Stanley, a former CEO and board chair of Charlotte’s Web.
The $10 million investment gives BAT a 20% equity interest in the form of preferred units, and the London-based company can participate in future equity issuances to maintain its position.
Charlotte’s Web, based in Boulder, and AJNA each possess 40% of the joint venture’s voting common units.
The joint venture, to be co-led by representatives of Charlotte’s Web, AJNA and BAT, will
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