- Cronos Group (CRON) and Gingko Biworks have achieved the productivity target for cannabigerolic acid (CBGA)
- This is the first target productivity milestone in which the partnership will produce eight cultured cannabinoids
- The milestone lays the foundation for Cronos’ planned CBGA product launch sometime this fall
- Cronos Group and Gingko initially entered the partnership in 2018 with the goal of accessing rare molecules in the cannabis plant with plans to develop eight molecules
- Shares of Cronos Group are up 1.39 per cent to C$8.01 as of 12:11 p.m. EDT
Cronos Group (CRON) and its partner Gingko Bioworks have announced they have achieved the productivity target for cannabigerolic acid (CBGA).
This is the first target productivity milestone in which the partnership’s goal is to produce eight cultured cannabinoids.
Through Gingko’s platform for organism design and development, Cronos Group has been able to achieve the productivity target for CBGA, which will act as the backdrop for Cronos’ CBG product launch sometime this fall.
“Cronos Group and Ginkgo are uniquely positioned to elevate the cannabis industry through cannabinoid and product innovation to unlock the next generation of its potential,” Kurt Schmidt, president and CEO of Cronos Group, said in a press release. “Ginkgo’s platform enables companies across a multitude of industries to reach their customers with better products. We are proud to use our combined capabilities to make the benefits of cannabinoids more accessible to consumers.”
The companies entered into the partnership in 2018 with the goal of accessing rare molecules in the cannabis plant and developing eight molecules.
“We’re thrilled to see the progress our partnership with Cronos Group has made in the three years we have been working together and consider it a demonstration of how much can be accomplished when a leading-edge company applies our platform,” Jason Kelly, CEO of Gingko Bioworks, said in the release.
Following the achievement of the final productivity target for CBGA, Cronos Group will issue a milestone payment of roughly 1.5 million common shares to Gingko.
Shares of Cronos Group are up 1.39 per cent to C$8.01 as of 12:11 p.m. EDT.
