Intrexon Corporation Partners with Surterra to Advance Cannabinoid Production


 
 
10:37 06/23/2019

Intrexon Corporation XON  announced a $100 million partnership with Surterra Wellness this will that will advance the company's cannabinoid production.

According to the company's press release, the two 'will join forces to push forward Surterra's cannabinoid production at a cost-effective, industrial scale utilizing Intrexon's proprietary yeast fermentation platform.'

Shares of the stock were up over 12% on the news and the partnership marks the second strategic deal between Surterra and Intrexon in three months.

'This significant and strategic investment with Intrexon means Surterra can ramp up our research and development of specific cannabinoids, to ultimately craft cannabinoid products to meet the future demands and needs of our customers. This transformative deal with Intrexon gives us a leading edge as we enter a new paradigm in cannabis, where the industry leaders will be those who have expertise in building global brands and in research and innovation.

Imagine a day when technology and science leads to breakthrough cannabis-based therapeutic alternatives to pharmaceuticals that can be made available to consumers globally,' said Surterra Chief Executive Officer William 'Beau' Wrigley, Jr.

'We look forward to working with Intrexon's world-class scientists as we explore the full possibilities of what technology, science and R&D in cannabis can do to improve the lives of our consumers.'

'Intrexon is thrilled to exclusively partner with Surterra on the fermentation of cannabinoids. They are a transformative leader in the cannabis business, with a management team led by Beau Wrigley, that brings proven expertise in building global companies, iconic brands, and gold-standard operations.

Importantly, they share our values, business integrity and long-term view of how this technology can disrupt the future of the cannabis business,' said Randal J Kirk, CEO of Intrexon Corporation.

'Few cannabis companies have the ability to target and produce rare cannabinoids and explore their benefit at a meaningful scale. We believe our partnership can accelerate Surterra's industry leadership position, as our proprietary platform is poised to cost-effectively produce specific cannabinoids at commercially relevant quantities and open doors for their researchers to fully explore the potential of cannabinoids.'




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