LAFAYETTE, Colo., Dec. 18, 2019 /PRNewswire/ -- Front Range Biosciences® ("FRB"), an agricultural technology company focused on breeding and nursery production of new plant varieties and seeds for the hemp and coffee industries, today announced its agreement with Spanish company Hemp Trading to distribute Panakeia, the first THC-free and high CBG (18%) content hemp variety. This alliance will enable the large-scale production and distribution of Panakeia in the American market.
This latest advancement in hemp plant science was developed in tandem with Spanish university Universidad Politécnica de Valencia. Panakeia's unique properties of being completely free of the psychoactive component THC and high in cannabigerol (CBG), a non-psychoactive cannabinoid, can be effectively leveraged by both the American agricultural and wellness industries.
Farmers that grow the Panakeia hemp variety will no longer have to worry if their hemp is going to rise above 0.3% THC limit because this variety consistently comes in at 0.00%, which presents lucrative opportunities for harvest and later commercialization. CBG is an interesting minor cannabinoid which has been implicated in several areas of human health and wellness.
"The American market is key to the commercialization of Panakeia as hemp is grown here on a large scale, and the agreement with these three companies represents a big opportunity for launching Panakeia in the USA," says Ernesto Llosá, CEO of Hemp Trading. "The crop forecasts for next year are more than promising. It is expected that production will triple from 80,000 acres in 2019 to around 250,000 acres in 2020."
"Introducing a cutting edge plant variety like Panakeia will have a seismic ripple effect in the hemp farming industry in the US," said Dr. Jonathan Vaught, Co-founder and CEO of Front Range Biosciences. "Our company's mission from the beginning has been to provide sustainable and modern solutions to mainstream agricultural practices, and I believe the Panakeia hemp variety will not only encourage more streamlined farming methods, but also introduce more Americans to even more of the potential wellness properties of the hemp plant."
About Front Range Biosciences
Front Range Biosciences is an agricultural biotech company that specializes in tissue culture propagation and breeding of high-value crops at industrial scale to improve consistency and efficiency for clone and seed production. FRB developed the first Clean Stock® program for cannabis and hemp and has an advanced breeding program for identifying and improving commercially relevant traits. FRB has global reach through facilities in Colorado, California and Wisconsin, and a partnership with the Center for Research in Agricultural Genomics in Barcelona, Spain. FRB's Clean Stock program provides a consistent supply of disease and pathogen-free plants to farmers and data-driven breeding solutions for creating new varieties of hemp, coffee, and young plants and seeds. FRB's technology has been consistently recognized as an industry standard and was the inaugural winner of MJBizDaily's Hemp Game Changer Award. FRB is located in Lafayette, Colorado.
SOURCE Front Range Biosciences