Willow Biosciences Inc (TSE:WLLW) (OTCQX:CANSF) ended its 4Q 2020 with nearly C$16 million in cash on hand, it revealed in its financial results released Tuesday evening.
The company’s strong liquidity has increased to around C$47.3 million today, thanks to a recent C$28.75 million bought deal and an additional warrant exercise.
During the three-month period to end December 31, 2020, the Calgary-based company began shipping its first commercial samples of the biosynthetically produced high-purity cannabigerol, or CBG, to prospective customers.
READ: Willow Biosciences closes upsized bought deal offering for aggregate gross proceeds of approximately $28.75M after full exercise of over-allotment option
The company also beefed up its commercialization timeline by selecting a leading contract manufacturing organization to produce commercial quantities of CBG in Europe.
In a statement, Willow CEO Trevor Peters told investors that the 2020 financial year has set the company up for a successful 2021.
“Looking back on the year we shortened our timelines to commercialization, moved beyond proof of concept with multiple pilot production runs, provided samples of our first cannabinoid to prospective customers, strengthened our balance sheet, and identified a partner and assets to commercialize our first cannabinoid,” Peters said.
“Ultra-pure, sustainably made, biosynthesized cannabinoids are the future of manufacturing consumer products with cannabinoids as a core ingredient. Commercializing our first cannabinoid this year will not only be a significant milestone for Willow, it will be significant for our industry.”
Willow said it was on track to commercialize CBG in the first quarter of 2021, with sales expected in the second quarter of the year.
Subsequent to the quarter, in January, Willow announced that it expects to launch biosynthetically produced THC into the more developed Canadian market before building out its platform and selling commercial volumes in 2022.
The group is also working on biosynthetically producing a number of other cannabinoids to commercialization later this year and into 2022.
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Story by ProactiveInvestors
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