22nd Century Group Breaks into Cannabis Industry
October 21st, 2014
News, Top Story
22nd Century Group Inc. [stockquote symbol=XXII], a plant biotechnology company using genetic engineering to modify nicotine in the tobacco plant, recently announced that it secured an exclusive U.S. license and co-exclusive (with Anandia Labs) international license to four cannabinoid biosynthesis genes in the cannabis plant from Anandia Laboratories Inc (Anandia) and acquired a 25% stake in Anandia, a biotechnology firm located in Vancouver, British Columbia, Canada.
The proprietary technology was a result of Dr. Jonathon Page’s 15 years of R&D on the cannabis plant, including 7 years at the National Research Council of Canada. Dr. Page, co-founder, president and chief scientific officer of Anandia, and one of the lead investigators in the first cannabis genome project, assisted in the sequencing of some 30,000 genes that make up the genome of Cannabis sativa. The proprietary technology enables the modification of cannabinoid levels in cannabis, which could help increase the production of specific cannabinoids, eliminate cannabinoids in hemp varieties, and fine tune the cannabinoid profile for the production of medical marijuana.
“The main reason 22nd Century was attracted to Anandia’s proprietary technology is that it gives us a level of exclusivity in the cannabinoid biosynthetic pathway in cannabis similar to what we have achieved in the nicotinic biosynthesis pathway in tobacco – exclusive freedom to operate in the entire pathway,” said 22nd Century Group Inc. Founder and CEO Joseph Pandolfino.
In addition to the license agreement, 22nd Century Group acquired a 25% stake in Anandia for approximately $1.5 million in cash and restricted stock. The investment reflects the company’s strategic interest in cannabis, which will be further expanded through collaborative R&D funding of Anandia’s Vancouver-based facilities. Crede CG III Ltd. simultaneously invested $10 million in 22nd Century Group.
22nd Century Group owns or is the exclusive licensee of 129 issued patents in 78 countries plus an additional 51 pending patent applications, and has co-exclusive rights to another 16 patent applications. Through its subsidiaries, the company provides commercial tobacco products that are potentially less harmful and now is developing on novel, cannabis plant varieties as well as natural, safe, and effective cannabis-based products for health and nutrition.
On Thursday, October 16, 2014, the company rang the NYSE Closing Bell to celebrate its listing on the NYSE MKT and the achievements of its milestones.
Shares of 22nd Century Group Inc. were unchanged in mid-day trading on Monday, October 20, 2014 following the news release.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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