Charlotte's Web forms JV with BAT and AJNA to develop FDA-approved hemp botanical drug

Charlotte's Web Holdings, Inc.

BAT invests $10M for 20% preferred equity; Charlotte's Web and AJNA each hold 40% voting common.
JV plans FDA IND filing and Phase I clinical trial in 2023 targeting a neurological condition.
Dr. Orrin Devinsky, lead Epidiolex investigator, to head JV clinical and regulatory strategy.
BAT is a related party due to its $56.8M convertible debenture; JV exempt from formal valuation and minority approval.
Charlotte's Web contributes proprietary hemp IP and clinical data; AJNA provides lab and regulatory services.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.