Sorrento Therapeutics: Jumps on JV to sell hemp products in Asia

LifeTech Scientific

04/06/2019 12:49

** Drug developer's shares  SRNE.O  up 7.3% at $3.08
premarket after co announces joint venture (JV) with Chinese
medical device maker LifeTech Scientific Co. Ltd.  1302.HK  to
sell hemp products in Asia
    ** The JV will commercialize Sorrento's water soluble
cannabidiol (CBD)- used in treating anxiety, movement disorders
and pain - products in Asia  urn:newsml:reuters.com:*:nGNXc9ZWCg
    ** The JV has industrial hemp plantation permit,
government's approval to establish an industrialized CBD
processing, extraction and isolation operation in China - SRNE 
    ** With the hemp and CBD supplies, the joint venture will
build manufacturing capacity to potentially deliver hundreds of
metric tons of CBD annually to the global markets - SRNE
    ** Up to Monday's close, stock Up ~20% this year

 (Reporting by Aakash Jagadeesh Babu in Bengaluru)
 ((Aakash.B@thomsonreuters.com; within the U.S. +16462238780,
outside the U.S. +91  80 67491576; Reuters Messaging:
Aakash.B.thomsonreuters.com@reuters.net))