Press Release

Ballard Spahr Represents AJNA BioSciences in Forming Joint Venture with Charlotte’s Web to Pursue FDA Approval for Botanical Drug

April 13, 2023

Ballard Spahr represented AJNA BioSciences PBC in the formation of a drug-development joint venture with Charlotte’s Web, Inc (TSX: CWEB), the market leader in full-spectrum hemp-extract wellness products.

The joint venture was established to pursue FDA approval for a novel botanical drug being developed from Charlotte’s Web’s proprietary hemp genetics to target the treatment of certain neurological conditions. The joint venture plans to file an Investigational New Drug (IND) application and commence Phase I clinical development in 2023. A subsidiary of British American Tobacco PLC (NYSE: BTI) contributed $10 million as the joint venture’s initial investor.

AJNA BioSciences is a botanical drug development company based in Denver. As a public benefit corporation, AJNA is focused on improving lives by delivering full-spectrum botanical cannabinoid and natural psychedelic options for mental health and neurological disorders.

Scott S. Humphreys, who co-leads Ballard Spahr’s Cannabis and Psychedelics team, and Business and Transactions Partner Andrew D. Spruiell represented AJNA in the matter.

For further information, please see Charlotte’s Web’s press release.

For media inquiries, please contact Will Ashenmacher at 612.371.5792.

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