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Willow Biosciences ends 3Q with C$9.1M in cash after successful pilot production of CBG

Published: 08:54 13 Nov 2020 EST

Willow Biosciences Inc. -
The quarter also saw Willow upgrade to trade on the OTCQB Venture Market and complete a C$11.5 million offering

Willow Biosciences Inc (TSE:WLLW) (OTCQX:CANSF) (FRA:3D7) ended its third quarter with nearly C$9.1 million in cash after completing  a successful pilot run of high-purity cannabigerol, or CBG. 

The bioscience firm became the first company to produce significant amounts of the cannabinoid biosynthetically after it executed a 500-litre pilot program during the quarter along with its development partner Albany Molecular Research Inc. Willow produced substantial quantities of CBG as sample material at greater than 99% purity with no detectable THC.

In a statement, CEO Trevor Peters told shareholders that the quarter represented a “significant move forward” for the Calgary-based company ahead of commercial production anticipated to begin in 2021.

READ: Willow Biosciences closes C$11.5M offering for cannabinoid commercialization

“We saw significant demand globally for our sample CBG from a variety of cosmetic, food and beverage, and nutraceutical companies looking to qualify our product for commercial purchase in 2021,” Peters said.

“Building on these results, we plan to run at least one more pilot in the fourth quarter of 2020 to both further optimize our process for commercial production, as well as meet the demand for sample material of CBG from potential customers. We are well-positioned, both financially and technically, to start producing at scale in 2021 and transition from a research-based enterprise to a company with revenue-generating operations."

The three-month period to end September 30 also saw Willow upgrade to trade on the OTCQB Venture Market. In October, the firm completed a C$11.5 million offering.

Willow said it anticipates generating revenue in 2021 once it signs commercial partnerships in the consumer packaged goods sector.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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