Charlotte's web forms joint venture with bat and ajna biosciences to seek fda-approval for proprietary full spectrum hemp extract botanical drug

Bat acquires 20% stake for us$10 million, with charlotte's web and ajna each owning 40% renowned neurologist dr. orrin devinsky, chief medical advisor for ajna, to lead the project denver , april 6, 2023 /prnewswire/ - (tsx: cweb) (otcqx: cwbhf), charlotte's web holdings, inc. ("charlotte's web," "cw" or the "company"), the market leader in full-spectrum hemp extract wellness products, today announced it has formed a joint venture (the "jv") with ajna biosciences pbc ("ajna"), a botanical drug development company focused on mental health and neurological disorders , and a subsidiary of british american tobacco plc (lse: bats and nyse: bti) ("bat"), 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.
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