Willow Biosciences Inc. (CSE: WLLW) (OTCQB: CANSF), a Canadian biotechnology company and a leading developer in biosynthetically produced cannabidiol (“CBD”), this morning issued a release commenting on the recent news that the U.S. Drug Enforcement Agency (“DEA”) has removed Purisys, LLC’s CBD from Schedule I of the Controlled Substances Act (“CSA”). Purisys, the spin-out entity of Noramco, Inc.’s cannabinoids business, began operating as a stand-alone entity on October 1, 2019 and is expected to become independent from Noramco on January 1, 2020. Per the terms of a joint development agreement, Noramco is Willow’s exclusive manufacturing and distribution partner. Willow holds an informal partnership with Purisys through the agreement as well. “The descheduling of our partner Purisys’ CBD from the CSA signals a fundamental change in how the regulatory bodies in the United States view ultra-pure CBD,” Willow Biosciences president and CEO Trevor Peters stated in the news release. “At Willow, we have always maintained the view that as the market for CBD continues to unfold in the United States there will be an increased amount of oversight into the quality of the manufacturing process in addition to the specifications around the molecule itself. The partnership strives to produce ingredients that are of the highest quality and consistency. As we move towards commercialization of CBD, we believe a significant portion of the pharmaceutical and consumer products industries will desire the ultra-pure, consistent, and cost-effective ingredients that the partnership will be able to provide.”
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About Willow Biosciences Inc.
Willow is a Canadian biotechnology company based in Calgary, Alberta, that produces high purity, plant-derived compounds that provide building blocks for the global pharmaceutical, health and wellness, and consumer packaged goods industries. Willow’s current focus is in the production of cannabinoids for the treatment for pain, anxiety, obesity, brain disorders, among other significant indications. Willow’s science team has a proven track record of developing manufacturing technologies for high purity compounds in pain and cancer treatments. Willow’s manufacturing process creates a consistent, scalable and sustainable product that allows for the discovery and development of new life changing drugs. For more information, visit the company’s website at www.WillowBio.com.
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