Willow Biosciences Inc reports that it ended its third quarter on September 30, 2021 with $35.7 million in cash while making notable advancements in its operations.
“We continued to make significant strides forward in the third quarter and are well positioned to be the global leader in biosynthetically produced cannabinoids,” said CEO Trevor Peters in a statement.
“From our vantage point, we can see the larger players in the consumer-packaged goods ecosystem becoming increasingly more bullish on the health and wellness aspects of the cannabis industry. It has been our view all along that these entities need an ultra-pure, sustainably sourced ingredient supply to meet their long-term demands, and Willow’s technology platform enables their entrance into this space.”
During the remainder of 2021, Willow said it plans to continue to optimize its commercial process for the rare cannabinoid CBG (cannabigerol), supply product to customers, seed commercial samples to new potential customers, and build out a robust order book for 2022, which the company expects to be its first full year of commercial production and sales.
The company completed its first commercial-scale fermentation run of CBG in 1Q 2021 and signed up its first multi-year commercial agreement with Cellular Goods in 2Q 2021.
“The company has two distinct objectives at this time. The first is to continue to work with larger groups to lock up supply agreements for its biosynthetically produced CBG,” Willow said.
“The second is to continue to advance the development of its portfolio of other cannabinoids to bring them forward to commercialization. While the timing of the first is harder to predict, the company is currently engaged in very promising discussions with interested third parties and believes that its core technology will be significant in helping to enable the more traditional consumer-packaged goods entities enter the cannabinoid space.”
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Story by ProactiveInvestors
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