TORONTO and BOSTON, June 21,
2022 /PRNewswire/ -- Cronos Group Inc. (NASDAQ: CRON)
(TSX: CRON) ("Cronos"), an innovative global cannabinoid company,
and Ginkgo Bioworks (NYSE: DNA) ("Ginkgo"), the leading horizontal
platform for cell programming, today announced the achievement of
the third target productivity milestone in their partnership to
produce eight cultured cannabinoids. Using Ginkgo's platform for
organism design and development, Cronos has successfully achieved
the productivity target for tetrahydrocannabivarin (THCV), a
cannabinoid hypothesized to reduce the appetite-enhancing property
of THC. Access to additional rare cannabinoids will support Cronos'
innovation pipeline and commercialization strategy.
Launched in 2018 with the goal of accessing rare molecules in
the cannabis plant to create innovative and differentiated products
that would otherwise be cost-prohibitive, the partnership between
Cronos and Ginkgo aims to produce cultured cannabinoids at
industrial scale. The program combines Cronos' deep understanding
of the biological structure and function of cannabinoids with
Ginkgo's vast experience designing microorganisms for the
production of cultured products across pharmaceuticals, agriculture
and more.
In August 2021, Ginkgo and Cronos
announced the achievement of its first equity milestone for
cannabigerolic acid (CBGA). In October
2021, Cronos launched its first cultured CBG product,
SPINACH FEELZ™ Chill Bliss 2:1 THC|CBG gummy, which quickly gained
consumer awareness, and according to Hifyre data has achieved 2.4%
market share in the gummies category in Canada as of the week-ended June 11, 2022. Cronos went on to launch its
SPINACH FEELZ™ Chill Bliss 7:1 THC|CBG vape in January 2022.
"Continuing to hit these productivity milestones in partnership
with Ginkgo fuels our innovation pipeline focused on creating
borderless products utilizing rare cannabinoids that amplify and
differentiate the consumer experience," said Mike Gorenstein, Chairman, President and CEO of
Cronos. "We are excited about the possibilities that THCV is
expected to give us and look forward to getting more products with
rare cannabinoids into market."
"Working with Cronos to develop innovations in cannabis is an
opportunity for us to apply synthetic biology in a way that is
helping bring the cannabis industry forward and make a real impact
on its market and the customers it serves," said Jason Kelly,
CEO and cofounder of Ginkgo Bioworks. "The progress we've made
thus far in our collaboration is a true testament to both the
potential of synthetic biology and the world-class teams at Cronos
and Ginkgo."
As a result of the achievement of the final productivity target
for THCV, Cronos has issued to Ginkgo approximately
2.2 million common shares.
About Cronos
Cronos is an innovative global
cannabinoid company committed to building disruptive intellectual
property by advancing cannabis research, technology and product
development. With a passion to responsibly elevate the consumer
experience, Cronos is building an iconic brand portfolio.
Cronos diverse international brand portfolio includes
Spinach®, PEACE NATURALS®, Lord
Jones®, Happy Dance® and PEACE+™. For more
information about Cronos and its brands, please visit:
thecronosgroup.com.
CRONOS MEDIA CONTACT:
media.relations@thecronosgroup.com
CRONOS INVESTOR CONTACT:
investor.relations@thecronosgroup.com
About Ginkgo Bioworks
Ginkgo is building a platform to
enable customers to program cells as easily as we can program
computers. The company's platform is enabling biotechnology
applications across diverse markets, from food and agriculture to
industrial chemicals to pharmaceuticals. Ginkgo has also actively
supported a number of COVID-19 response efforts, including K-12
pooled testing, vaccine manufacturing optimization and therapeutics
discovery. For more information, visit www.ginkgobioworks.com.
GINKGO BIOWORKS INVESTOR CONTACT:
investors@ginkgobioworks.com
GINKGO BIOWORKS MEDIA
CONTACT:
press@ginkgobioworks.com
Forward-looking Statements of Cronos Group Inc.
This
press release may contain information that may constitute
"forward-looking information" or "forward-looking statements"
within the meaning of applicable Canadian and U.S. securities laws
(collectively, "Forward-looking Statements"). All information
contained herein that is not clearly historical in nature may
constitute Forward-looking Statements. In some cases,
Forward-looking Statements can be identified by the use of
forward-looking terminology such as "may", "will", "expect",
"plan", "anticipate", "intend", "potential", "estimate", "believe"
or the negative of these terms, or other similar expressions
intended to identify Forward-looking Statements. Forward-Looking
Statements include estimates, plans, expectations, opinions,
forecasts, projections, targets, guidance or other statements that
are not statements of historical fact. Forward-Looking Statements
include, but are not limited to, statements with respect to:
Cronos' expectations regarding the potential success of, and the
costs and benefits associated with, its partnership with Ginkgo;
expectations about the development of the cannabis industry and
potential demand for cultured cannabinoids; Cronos'
commercialization and planned THCV product launch; the
partnership's aim to develop eight cultured cannabinoids; Cronos'
and Ginkgo's positioning to elevate the cannabis industry through
cannabinoid and product innovation to unlock the next generation of
its potential; the use of Cronos' and Ginkgo's combined
capabilities to make the benefits of cannabinoids more accessible
to consumers; and Cronos' intention to build an international
iconic brand portfolio and develop disruptive intellectual
property. Forward-looking Statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant
business, economic and competitive risks, financial results,
results, performance or achievements expressed or implied by those
Forward-looking Statements and the Forward-looking Statements are
not guarantees of future performance. A discussion of some of the
material risks applicable to the Company can be found in the
Cronos' Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form
10-Q for the period ended March 31,
2022, both have which been filed on SEDAR and EDGAR and can
be accessed at www.sedar.com and www.sec.gov/edgar, respectively.
Any Forward-looking Statement included in this press release is
made as of the date of this press release and, except as required
by law, Cronos disclaims any obligation to update or revise any
Forward-looking Statement. Readers are cautioned not to put undue
reliance on any Forward-looking Statement.
Forward-Looking Statements of Ginkgo Bioworks
This press release contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the potential success of the partnership and
Ginkgo's cell programming platform. These forward-looking
statements generally are identified by the words "believe," "can,"
"project," "potential," "expect," "anticipate," "estimate,"
"intend," "strategy," "future," "opportunity," "plan," "may,"
"should," "will," "would," "will be," "will continue," "will likely
result," and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the effect of Ginkgo's business combination with
Soaring Eagle Acquisition Corp. ("Soaring Eagle") on Ginkgo's
business relationships, performance, and business generally, (ii)
risks that the business combination disrupts current plans of
Ginkgo and potential difficulties in Ginkgo's employee retention,
(iii) the outcome of any legal proceedings that may be instituted
against Ginkgo related to its business combination with Soaring
Eagle, (iv) volatility in the price of Ginkgo's securities now that
it is a public company due to a variety of factors, including
changes in the competitive and highly regulated industries in which
Ginkgo operates and plans to operate, variations in performance
across competitors, changes in laws and regulations affecting
Ginkgo's business and changes in the combined capital structure,
(v) the ability to implement business plans, forecasts, and other
expectations after the completion of the business combination, and
identify and realize additional opportunities, (vi) the risk of
downturns in demand for products using synthetic biology, (vii) the
unpredictability of the duration of the COVID-19 pandemic and the
demand for COVID-19 testing and the commercial viability of our
COVID-19 testing business, and (viii) changes to the biosecurity
industry, including due to advancements in technology, emerging
competition and evolution in industry demands, standards and
regulations. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the "Risk Factors" section of
Ginkgo's quarterly report on Form 10-Q filed with the U.S.
Securities and Exchange Commission (the "SEC") on May 16, 2022 and other documents filed by Ginkgo
from time to time with the SEC. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Ginkgo assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Ginkgo does not give any assurance
that it will achieve its expectations.
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SOURCE Ginkgo Bioworks
