Supply agreement signed with Willow Biosciences
Press release
10 June 2021
Cellular Goods PLC
Multiyear supply agreement for cannabigerol (CBG) signed with Willow Biosciences
Cellular Goods (LSE: CBX), a UK-based provider of premium consumer products based on lab-made cannabinoids, and Willow Biosciences Inc. ("Willow") (TSX: WLLW; OTCQX: CANSF), a biotechnology company producing ultra-pure, sustainably made compounds, are pleased to announce they have signed a multiyear supply agreement whereby Willow will supply Cellular Goods with its proprietary, ultra-pure, biosynthetically produced, cannabigerol ("Willow CBG") to be used in Cellular Goods' premium cannabinoid-based skin care products which launch in the autumn of 2021.
Willow's first shipment of Willow CBG to Cellular Goods will arrive in July this year.
In April 2021, Willow announced the completion of a series of studies with its development partner, Signum Biosciences, Inc., that demonstrate the safety and anti-inflammatory, anti-aging, and antimicrobial properties of Willow CBG on human skin. These results, coupled with the sustainable and safe manufacturing nature of Willow's manufacturing process, make Willow CBG an ideal core ingredient for cosmetics in the evolving regulatory landscape of the United Kingdom.
Last month the European Commission declared that cannabigerol (CBG) had been added to the EU cosmetic ingredients database (named "CosIng"), approving the compound as safe for use in personal care and cosmetics products. European manufacturers of personal care and cosmetics products can now use CBG in their products with the approval of a major market regulator for trade in the European Union. At present, the UK remains harmonised with CosIng.
Alexis Abraham, Cellular Goods' Chief Executive Officer, said: "Successful products start with the best ingredients and being able to source consistent, highly-pure cannabinoids via cellular agriculture from a trusted provider like Willow is essential to our business. CBG is the most promising cannabinoid for skincare applications and we believe it will become a must have upgrade to people's daily routines. Cellular Goods will be the first to bring a range to market in the UK built on our core principles of delivering efficacy-led and research-backed consumer cannabinoid products."
Trevor Peters, Willow's President & Chief Executive Officer, said: "We are very excited to announce our first commercial supply agreement for CBG. In just over two years we have gone from proof of concept in the lab to commercial scale up and sales of our first cannabinoid which will be slated for use in a consumer product. Cellular Goods are at the forefront of developing premium consumer cannabinoid products in the United Kingdom and we are thrilled to be supplying them with our ultra-pure, biosynthetically made CBG."
For further information please contact:
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Cellular Goods |
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Alexis Abraham Chief Executive Neil Thapar Investor Relations |
+44 207 031 6871
+44 787 645 5323 |
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Tennyson Securities |
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Corporate Broker Peter Krens |
+44 207 186 9030 |
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Novum Securities |
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Corporate Broker Colin Rowbury Jon Belliss |
+44 207 399 9427 |
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Tancredi Intelligent Communication |
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Media Relations Helen Humphrey Edward Daly Salamander Davoudi cellulargoods@tancredigroup.com |
+44 744 922 6720 +44 786 143 0057 +44 795 754 9906 |
About Cellular Goods PLC
Cellular Goods is a U.K.-based provider of premium consumer products based on biosynthetic cannabinoids. It was established in August 2018 to develop efficacy-led and research-backed cannabinoid products. The initial focus is on two product verticals: premium skincare and topical athletic recovery products to be launched from this autumn. These will be made available through partnerships with leading online and physical retailers and direct to consumers through the Company's website.
About Willow Biosciences Inc.
Willow is a Canadian biotechnology company that develops and produces high-purity, plant derived ingredients for consumer care, food and beverage, and pharmaceutical products. Willow's manufacturing process creates a consistent, scalable and sustainable product that benefits industry and consumers. Willow's team has a proven track record of developing and commercializing bio-based manufacturing processes and products for both the consumer and pharmaceutical industries.
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