Willow Biosciences Announces Q2 2021 Results, Agrees To Supply Cellular Goods With CBG

Canadian biotechnology company Willow Biosciences Inc. WLLW CANSF reported its financial and operational results Monday for the three and six months ended June 30, revealing it has wrapped up its first commercial agreement cannabigerol over the period.

In June, the Vancouver-based company agreed to supply Cellular Goods, a UK-based provider of premium consumer products based on biosynthetically made cannabinoids, with cannabigerol under the multi-year deal.

"Many groups have identified the global market for biosynthetically derived cannabinoids to be a multi-billion dollar opportunity in the coming years, and by having demonstrated our ability to not only commercially produce but execute on a multi-year supply agreement, we are set up to take advantage of a large global market as the leader in the space," Trevor Peters, the company's president and CEO explained.

Willow Biosciences ended the second quarter of fiscal 2021 with $40.7 million in cash, compared to $12.2 million in the same period of 2020.

Total assets amounted to $46.4 million, up by roughly 133% year-over-year. Shareholder's equity totaled around $30 million.

The company also said it had $123.5 million in basic shares and $140.7 million in diluted shares.

In April, Willow Biosciences Inc. wrapped up a series of studies it conducted with Signum Biosciences, Inc., its development partner. The collaboration included the evaluation of the safety and activity of CBG as an ingredient for cosmetics.

Shortly after, the company strengthened its board by welcoming Barbara Munroe.

Photo: Courtesy of Jose Luis Sanchez Pereyra on Unsplash