XPhyto Therapeutics Corp (CSE:XPHY) (FSE:4XT) has signed a new agreement in Germany that will enhance the science-focused cannabis company’s research and development initiatives.
The Vancouver-based company announced Wednesday that it had entered into an exclusive agreement with the Technical University of Munich’s biochemistry department to research novel approaches to utilize the cannabis plant and its derivatives.
The cannabis company’s German subsidiary, Bunker Pflanzenextrakte GmbH, will carry out the agreement with the Technical University of Munich (TUM).
XPhyto and TUM will advance any promising targets through pilot studies and pursue research projects on a case-by-case basis to explore potential commercialization.
Robert Barth, XPhyto's vice president, European corporate development and Bunker’s managing director, hailed TUM’s leading reputation in Europe.
"XPhyto is honored to have the privilege of working with TUM. Their commitment to research excellence and their reputation for commercial development makes them a highly attractive partner," Barth said in a statement.
"TUM's strong interest in cannabis research demonstrates a progressive attitude toward an emerging and highly relevant global industry."
The German university is the only technical university in the country to be recognized as a “University of Excellence” each year since the program began in 2006.
Earlier this week XPhyto shares sprang to life on the Frankfurt Stock Exchange, making the company dual-listed in both Canada and Germany.
XPhyto’s shares were trading at C$1.33 in Toronto on Wednesday morning.
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