Charlotte's Web, British American Tobacco Will Develop Hemp-Derived Drug

Hemp-derived CBD marketer Charlotte’s Web is teaming with British American Tobacco in an attempt to develop a “novel botanical drug” to target an undisclosed neurological condition. British American is paying $10 million for a 20% equity interest in the joint venture—with Charlotte’s Web and botanical drug-development company AJNA BioSciences PBC each holding 40%. The drug will be developed using “certain proprietary hemp genetics” owned by Charlotte’s Web. The joint venture said yesterday that it plans to file an Investigational New Drug application with the U.S. Food and Drug Administration and...