Good shape, good budget and on track for Oxford Cannabinoid Technologies Holdings
“…They saw that we’re a small company so we’re very hungry, we work very hard, we’re on top of it and they saw the professionalism and the capability within the company…”
The red carpet of household names associated with Oxford Cannabinoid Technologies Holding is rolling out further.
Early funding for the pain relief drug developer was provided by Snoop Dogg’s cannabis-focused venture capital firm Casa Verde, Imperial Tobacco has a stake via its Imperial Brands Ventures arm and now Constellation Brands has a presence courtesy of its relationship with new partner Canopy Growth.
Constellation Brands is a Fortune 500 company, and if you enjoy Robert Mondavi wine, you’re consuming one of the company’s portfolio and contributed to its most recent net income of $1.27bn and possibly the 16% increase in its share price over the past 12 months.
Canopy Growth is Constellation’s poster child for its foray into the cannabis market. Like many tobacco and alcohol companies, Constellation is ensuring it has a positioning in the health and wellness market, and Canopy is already an established leader in Canada’s recreational cannabis market.
This background is important because all these names care about their own brands, how their resources are being used and how they will be remembered in history for their contribution to the health of the nation.
The deal between #OCTP and Canopy Growth is such an example with Canopy giving the UK-listed firm exclusive access to its cannabinoid library of compounds, 335 of which have already been synthesised and 14 of them patent protected.
The hope from both companies is these compounds will be developed into pharmaceutical drug products that will service the multi billion dollar pain relief market.
Chief executive Dr John Lucas hasn’t wasted any time since the September 22nd agreement was announced and the #OCTP team has already started experimentation on these compounds, cognizant that Canopy has given access to the most precious of data sets.
“It shows their confidence in OCTP,” says Lucas. “They wanted the right company that has the wherewithal to maximise the valuation of that portfolio. They saw that we’re a small company so we’re very hungry, we work very hard, we’re on top of it and they saw the professionalism and the capability within the company.”
Lucas’s ambitions are guarded, however he quotes Jazz Pharmaceutical’s $7 billion plus takeover of GW Pharma saying “the majority of that deal was on one drug product.” Lucas’s company is working on several and he’s confident, as programmes progress, significant value will be created, and that in turn will make #OCTP attractive to a wide range of companies in terms of partnerships and who knows another Jazz type outcome?
Listen to John talk to Sarah Lowther about milestones, and how the partnership with Canopy is a win win situation for both parties.