TerrAscend (CSE:TER) announced a joint venture with Cistron for the launch of Ascendant Laboratories, a company working on the advancement of cannabinoid expressing plant biology.
As quoted in the press release:
Cistron has agreed to grant to Ascendant Laboratories an exclusive license over proprietary intellectual property rights and trade secrets relating to cannabis plant and plant-derived cannabinoid research, and TerrAscend has agreed to contribute cash payments of up to C$1,250,000 in return for a combination of shares and warrants, representing approximately 75 [percent] of Ascendant Laboratories on a fully-diluted basis. The transaction is valued at approximately C$1.7 million.
Michael Nashat, TerrAscend’s President and Chief Executive Officer, noted “TerrAscend is thrilled to be partnering with Cistron and its team of accomplished scientists. As a company with a major research and development mandate, TerrAscend is looking forward to adding substantial depth to our science team through this partnership with Cistron and its principals. Ascendant Laboratories will be leveraging the knowledge and experience that Cistron has developed in plant sciences and applying it to improve plant yield, add diversity, promote immunity, and modify the physical and chemical traits of cannabinoid expressing plants.”