Cronos Group Inc. (TSX:CRON), one of the Canadian marijuana stocks, has signed a sponsored research agreement to examine the usage of cannabinoids for skin health and skin disorders
SmallCapPower | October 18, 2018: Cronos Group Inc. (TSX:CRON) (NASDAQ:CRON) Monday, one of Canadian cannabis stocks, announced that it has signed a sponsored research agreement with the Technion Research and Development Foundation of the Technion-Israel Institute of Technology to examine the usage of cannabinoids for skin health and skin disorders. As part of the agreement, Technion will conduct preclinical studies over a three-year period, particularly focusing on three skin conditions – acne, psoriasis and skin repair.
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Cronos Group CEO Mike Gorenstein said, “We believe that the potential applications of cannabinoids to regulate skin health and treat skin disorders are vast, and we are excited to begin exploring these applications through our partnership with Technion. Using rigorous data to develop efficacious topical and transdermal formulations will be key to creating differentiated products that provide quality treatments to our consumers and strengthen our brand portfolio.”
The research will be led by Technion faculty members Dr. David ‘Dedi’ Meiri, Head, Laboratory of Cancer Biology and Cannabinoid Research and Dr. Yaron Fuchs, Head, Laboratory of Cancer Biology and Cannabinoid Research, two of the world’s leading researchers in cannabis and skin stem cell research, respectively. Dr. Meiri heads the Laboratory of Cannabis and Cancer Research with vast experience in cannabis and endocannabinoid research, whereas Dr. Fuchs heads the Laboratory of Stem Cell Biology and Regenerative Medicine with significant experience in the biology of the skin and its pathologies. The related development and implementation will be carried out at Technion’s Laboratory of Cancer Biology and Cannabis Research and the Lorry I. Lokey Interdisciplinary Center of Life Sciences and Engineering in Haifa, Israel.
Through this collaboration, Dr. Meiri’s cannabis strain database of more than 80 cultivars and Cronos Group’s strain-specific cannabis oils will be employed for isolating and investigating the effects of individual and combinations of cannabinoids, potentially including rare cannabinoids, for treating acne, psoriasis and wounds using stem cell-derived organoid cultures developed by Dr. Fuchs’ laboratory and mouse models. The Company aims to adapt the individual and combinations of cannabinoids to develop products for aforementioned three applications and expects to receive an exclusive, worldwide license to market and manufacture such products.
Dr. Yaron Fuchs said, “We are pleased to partner with Cronos Group on this groundbreaking cannabinoid research. Using our state of the art technology, we hope to unlock the vast therapeutic potential of cannabinoid formulations for treating skin disorders.”
Cronos Group currently trades at a market capitalization of C$2.5 billion with a price-to-book multiple of 11.84x. Post announcement, the Company’s stock price surged more than 18% on the TSX to close at C$15.21 on Monday.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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