XPhyto Therapeutics Corp (CSE:XPHY) announced Monday that its German subsidiary Bunker Pflanzenextrakte GmbH signed an exclusive cannabis research and development agreement with the Technical University of Munich.
The deal was made with the chair of brewing and beverage technology, part of the School of Life Sciences at Weihenstephan, the company said in a statement.
Weihenstephan is the site of International Beverage Research Center, a Bavarian brewery and state-of-the-art research facility. The plant contains the entire chain of beverage production, and researchers can study molecular biology, biotechnology and more.
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For XPhyto, that means diving into the science of cannabidiol (CBD)-infused drinks. The research agreement will target various approaches for the use of cannabis plants as well as testing the chemical-physical compatibility of cannabis materials with various food and beverages.
"Given the commercial potential for CBD-infused beverages in Europe, XPhyto is very pleased to have secured such a strong development partner right here in Bavaria," XPhyto VP of European Corporate Development and Bunker Managing Director Robert Barth said in a statement. "We are excited to work together and we are particularly looking forward to the development of cannabis infused fermented beverages and sports drinks."
The company's stock ticked 2.2% lower Monday to $1.31.
—Updated to include share movement—
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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