Trait Biosciences Advances Innovative Water-Soluble Cannabinoid Technology, Delivering Key Milestones in Series A Financing and Appoints Dr. Hanny Kanafani as Vice President
Prepares for 2022 Commercial Launch of Breakthrough Water-Soluble CBD Extract
Trait Biosciences Inc., a leading cannabinoid biotechnology research organization, announced that it has successfully completed key scientific studies and operational milestones associated with its Series A Financing, and said that Dr. Hanny Kanafani has been appointed to the newly created position of Vice President of Science Technology.
These accomplishments reflect Trait's continued progress in advancing its proprietary technology and the development of innovative solutions for formulating higher quality products in the rapidly growing CBD-infused product market.
"Trait's mission to develop innovative cannabinoid technologies delivering superior water-soluble extracts will enable the formulation of higher quality and safer CBD products." said Peter McDonough, Trait Chief Executive Officer. "We're proud of the progress our scientists made in advancing our breakthrough technology this past year and excited to have Dr. Hanny Kanafani joining the Trait leadership team. Dr. Kanafani is a proven leader with valuable experience to assist Trait in advancing our technology for commercial applications in the year ahead."
Today's announcement follows the company's recent appointment of business executive Auroni Majumdar of International Flavors and Fragrances to the Trait Advisory Board and the company's June announcement of a C$31 million Series A financing round led by Btomorrow Ventures Limited (BTV), the corporate venturing unit of British American Tobacco (BAT).
About Dr. Hanny Kanafani Dr. Hanny Kanafani is an accomplished leader with more than 30 years' experience in technology and product development with a Ph.D. in Microbiology and Food Sciences from the University of Illinois. Over the course of his impressive career, Dr. Kanafani has worked in senior leadership roles in research and development across the packaged foods, beverages and ingredient-systems industries with companies such as Herbalife, PepsiCo, MeadJohnson and Pillsbury.
Dr. Kanafani said: "I'm excited to join Trait and lead the development of its technology that will be critical for creating safe and high-quality CBD products. Trait's technology will represent an important breakthrough in formulating a new generation of superior innovative consumer CBD products in the years ahead."
Trait Biosciences Delivers Key Milestones in its earlier C$31Million Series A Financing. In November the company announced the completion of several important milestones outlined within its Series A Financing related to the development of its proprietary water-soluble cannabinoids. The milestones outlined numerous trials and research studies led by independent laboratories analysing solubility, stability, toxicity and metabolism of its proprietary cannabinoids developed to serve as a superior functional ingredient in CBD infused products.
Trait Biosciences Is Preparing To Launch A Breakthrough Water-Soluble CBD Extract in 2022 Presently, many manufacturers utilize nano-emulsion processes to infuse cannabinoids into novel edible products and beverages. However, there is growing concern that these fat-soluble CBD nanoparticles are prone to accumulate in organs, having the potential to cause health problems for those who ingest them. Trait's revolutionary technology enables the production of truly water-soluble cannabinoids providing product developers with a superior functional ingredient in the development of CBD-infused products.
"Trait is focused on developing technology that provides our business partners with a superior extract to the nano-emulsion solutions actively used throughout the industry today. Our new technology, scheduled for market launch in 2022, will deliver premium quality, water-soluble cannabinoids for use in a broad range of novel CBD products" said Mr. McDonough.
Cannabis-infused Drink Market Expected to Increase More Than 10-fold Analysts from Brightfield Group estimate the US CBD market will grow to reach nearly $24 billion by 2023. A recent report by Zenith Global, a leading global food and drink consulting firm, projects that the US market for cannabis-infused drinks will grow to $1.4 billion by 2024. New technologies and methods of CBD infusion, such as those provided by Trait Biosciences' will serve as a catalyst for growth and transform the beverages market.
About Trait Biosciences
Trait Biosciences Inc. is a global leader in cannabinoid research, focused on developing technologies that enable the production of safe, high-quality, predictable, and efficacious CBD products. Our mission is to develop the world's most comprehensive integrated approach to cannabinoid science, insights, and technology.
SOURCE Trait Biosciences Inc.