ROXBORO, N.C., June 15, 2020 (GLOBE NEWSWIRE) -- Open Book Extracts, one of the leading vertically integrated, cGMP certified processors of high-quality cannabinoid products, is pleased to announce the signing of definitive agreements to acquire Chilmark Labs and its Israeli affiliate, Beetlebung Pharma Ltd., which bring to Open Book Extracts their global leadership position in the manufacturing of high-purity rare and minor cannabinoids. Together, the merged companies will bring to market commercial-scale production of precise, consistently formulated custom cannabinoid blends, and spearhead research and development (R&D) into the efficacy of custom formulations to deliver targeted therapeutic outcomes.
With research and production facilities located in Israel and the United States, Chilmark Labs has developed proven methods to efficiently manufacture rare cannabinoids from hemp and citrus, including CBN, CBC, THCV, and CBDV. By making these previously unattainable rare cannabinoids more accessible, Chilmark Labs is unlocking new therapeutic possibilities and developing formulations to maximize the nutraceutical and pharmacological properties of rare cannabinoids.
“There is a treasure trove of therapeutic potential in the minor cannabinoids, and it’s an honor to make these available for scientific research, so that as an industry, we can bring to market plant-based products that address a host of currently unmet conditions,” said Dr. Andrew Salzman, founder and chairman of Chilmark Labs. “I expect the collaboration between Chilmark Labs and Open Book Extracts to support meaningful scientific advancements in this arena.”
Dr. Salzman joins Open Book Extracts as its chief science officer. Dr. Salzman grew up in Massachusetts, graduating from Yale College and Harvard Medical School, followed by a residency at Columbia University and postdoctoral fellowships at Beth Israel and Mass General. He went on to establish and lead the Division of Critical Care Medicine at Children’s Hospital Medical Center in Cincinnati, Ohio, and then turned to entrepreneurship with a series of successful drug discoveries. He has strong research relationships with universities in Israel and the United States and will lead Open Book Extracts’ medical advisory board.
Upon coupling Open Book Extracts’ commercial-scale production capabilities and cGMP-certified facility with Chilmark Labs’ proficiency in rare cannabinoid isolation and novel cannabinoid development, the combined companies plan to invest heavily in scaled production and R&D to serve their global distribution channels.
“We are seeing a proliferation of products utilizing and highlighting the rare, minor cannabinoids to replace the one-size-fits-all approach that CBD offers,” said David Neundorfer, chief executive officer of Open Book Extracts. “The CPGs and nutraceutical companies only beginning to enter the CBD industry will not accept an ingredient with a cannabinoid profile that varies from batch to batch. The customers of tomorrow will demand precision and consistency and will want access to custom formulations backed by research. Open Book Extracts is proud to join forces with Chilmark Labs to provide the industry with the most efficacious, pure and high-quality ingredients, delivering the results that companies and consumers deserve.”
About Chilmark Labs
Chilmark Labs manufactures and produces rare cannabinoids at a purity exceeding 99 percent, with research and production facilities located in Israel, Australia and the United States, and with a scientific staff of Ph.D. chemists and engineers pioneering research and development in rare cannabinoid manufacturing. The company leads the development of proprietary GMP-compliant release and stability methods utilizing ultra-high performance liquid chromatographic methods for CBN, CBC, THCV, and CBDV.
About Open Book Extracts
Headquartered in Roxboro, N.C., Open Book Extracts is a cGMP certified, vertically integrated grower, processor and manufacturer of premium plant-based products. The organization’s ownership of the entire supply chain, a state-of-the-art extraction campus, product development and manufacturing capabilities, and aggregation of experienced professionals from relevant industries support its efforts to bring transparency and high-quality ingredients to the new hemp extracts market. For more information, visit www.openbookextracts.com.
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