11:06 AM EST - Charlottes Web Holdings Inc : Announced it has formed a joint venture with AJNA BioSciences PBC, a botanical drug development company focused on mental health and neurological disorders , and a subsidiary of British American Tobacco PLC which is contributing US$10 million as the JV's initial investor. AJNA is partially owned and was co-founded by its president, Joel Stanley, the former CEO and Chairman of the board of Charlotte's Web, together with certain other founding members of CW. The JV was established to pursue FDA-approval for a novel botanical drug to target a neurological condition identified by the JV leadership team, which will be comprised of CW, AJNA and BAT representatives. This novel botanical drug will be developed from certain proprietary hemp genetics of CW. The JV plans to engage with the FDA to file an Investigational New Drug application and commence Phase I clinical development in 2023. Charlottes Web Holdings Inc
shares T.CWEB are trading up $0.08 at $0.48.
