- Leading manufacturer contracted for commercial cannabinoid
production
- First commercial quantities of ultra-pure CBG expected to be
produced in Q1 2021
- First revenue generation expected in Q2 2021, six months
ahead of initial expectations
VANCOUVER, BC, Dec. 16, 2020 /CNW/ - Willow Biosciences
Inc. ("Willow" or the "Company")
(TSX: WLLW) (OTCQX: CANSF) is pleased to announce that it has
advanced its commercialization plan by selecting a highly-regarded
contract manufacturing organization ("CMO") to manufacture
its first cannabinoid, cannabigerol ("CBG"), with its first
commercial scale multi-kilogram run scheduled in Q1 2021.
"Advancing to commercial-scale production is the final step in
our transition to becoming a revenue generating company," said
Trevor Peters, Willow's President
and Chief Executive Officer. "Our ability to begin this important
milestone ahead of expectations is a testament to our exceptional
scientific and commercially minded team. We are seeing strong
interest in our CBG samples and are working closely to understand
the needs of potential customers. Once our commercial scale
multi-kilogram run is complete, Willow will be uniquely positioned
to take advantage of what many industry experts are projecting to
be a multi-billion dollar market."
The Company has contracted a leading ingredient manufacturing
firm to produce commercial quantities of its ultra-pure CBG at
their European facilities. To further streamline the production
process and meet strong demand for customer samples, Willow will
run a second 500-litre pilot in December. In Q1 2021, the Company
will move into large scale fermenters and expects to produce its
first multi-kilogram commercial batch of CBG. Willow will closely
monitor customer demand and add additional production runs as
needed. Willow expects first sales of CBG in Q2 2021, six months
ahead of initial expectations.
By manufacturing its initial commercial production volumes in
Europe, the Company will benefit
from strong demand in this region. Willow's ultra-pure CBG is well
suited to this market's preference for high quality ingredients
across the globe and is expected to drive long term customer
acceptance and commercial success. "Our customers need access to
high-quality cannabinoids that are manufactured to ensure end-user
safety and suitability in multiple global consumer packaged goods
applications," said Chris Speed,
Willow's Senior Vice President of Sales and Marketing. "Willow's
proprietary technology is making this possible and, in the process,
helping to evolve our industry to the next phase of consumer
acceptance."
About Willow Biosciences Inc.
Willow is a Canadian biotechnology company based in Vancouver, British Columbia, that produces
high purity, plant-derived compounds that provide building blocks
for the global pharmaceutical, health and wellness, and consumer
packaged goods industries. Willow's current focus is in the
production of cannabinoids for the treatment for pain, anxiety,
obesity, brain disorders, among other significant indications.
Willow's science team has a proven track record of developing
manufacturing technologies for high purity compounds in pain and
cancer treatments. Willow's manufacturing process creates a
consistent, scalable and sustainable product that allows for the
discovery and development of new life changing drugs.
Forward-Looking Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates and the Company's
assessment of future plans and operations, and, more particularly,
statements concerning: Willow's revised milestone projections,
including the success, timing and quantity of multi-kilogram runs
and pilot tests to complete commercialization scale-up; timing of
first sales and revenue generation; the success of the CMO's
commercialization efforts; discussions with consumer-packaged goods
entities, manufacturing partners and other key stakeholders; the
market size potential of the synthetic cannabinoid industry and
Willow's ability to capture market share; demand for Willow's
products; Willow's entry into new global markets, including
Europe; and the business plan of
the Company, generally, including cannabinoid research and
production. When used in this news release, the words "will,"
"anticipate," "believe," "estimate," "expect," "intent," "may,"
"project," "should," and similar expressions are intended to be
among the statements that identify forward-looking statements. The
forward-looking statements are founded on the basis of expectations
and assumptions made by the Company which include, but are not
limited to: the success of Willow's strategic partnerships,
including the development of future strategic partnerships; the
financial strength of the Company; the ability of the Company to
fund its business plan using cash on hand and existing resources;
the market for Willow's products; the ability of the Company to
obtain and retain applicable licences; the ability of the Company
to obtain suitable manufacturing partners and other strategic
relationships; and the successful implementation of Willow's
production strategy, generally. Forward-looking statements are
subject to a wide range of risks and uncertainties, and although
the Company believes that the expectations represented by such
forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. Any number of
important factors could cause actual results to differ materially
from those in the forward-looking statements including, but not
limited to, risks associated with: the cannabinoid industry in
general; the success of the Company's research and development
strategies; infringement on intellectual property; failure to
benefit from partnerships or successfully integrate acquisitions;
actions and initiatives of federal and provincial governments and
changes to government policies and the execution and impact of
these actions, initiatives and policies; import/export and research
restrictions for cannabinoid-based operations; the size of the
medical-use and adult-use cannabinoid market; competition from
other industry participants; adverse U.S., Canadian and global
economic conditions; adverse global events and public-health
crises, including the current COVID-19 outbreak; failure to comply
with certain regulations; departure of key management personnel or
inability to attract and retain talent; and other factors more
fully described from time to time in the reports and filings made
by the Company with securities regulatory authorities. Please refer
to the AIF and the MD&A for additional risk factors relating to
Willow, which can be accessed either on Willow's website at
www.willowbio.com or under the Company's profile on
www.sedar.com.
Any financial outlook and future-oriented financial information
contained in this document regarding prospective financial
performance, financial position or cash flows is based on
assumptions about future events, including economic conditions and
proposed courses of action based on management's assessment of the
relevant information that is currently available. Projected
operational information contains forward-looking information and is
based on a number of material assumptions and factors, as are set
out above. These projections may also be considered to contain
future-oriented financial information or a financial outlook. The
actual results of the Company's operations for any period will
likely vary from the amounts set forth in these projections and
such variations may be material. Actual results will vary from
projected results. Readers are cautioned that any such financial
outlook and future-oriented financial information contained herein
should not be used for purposes other than those for which it is
disclosed herein.
The forward-looking statements contained in this news release
are made as of the date hereof and the Company does not undertake
any obligation to update publicly or to revise any of the included
forward-looking statements, except as required by applicable law.
The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
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SOURCE Willow Biosciences Inc.