In California, renewable chemical company Amyris has received a $10 million milestone payment from LAVVAN for delivery of fermentation-based cannabinoid.
The partnership aims to disrupt the CBD market with a cost-efficient and sustainable production route. The company expects to bring the first fermentation-derived cannabinoid products to market next year with better purity and at significantly reduced cost compared to similar products and ingredients.
“This first milestone further cements our partnership with Amyris,” says Etan Bendheim, CEO of LAVVAN. “Their R&D capabilities are second to none and we are excited to be further implementing their best-in-class technology as we continue to progress towards scaling production and full commercialization.”
LAVVAN is a newly-formed company backed by leaders across the pharmaceutical, cannabis, and financial sectors. It is focused on spearheading biobased disruption of the CBD sector and providing the market with superior CBDs at significantly reduced cost for a multitude of consumer product and therapeutic applications.