Amyris receives first cash payment of $10 million for reaching cannabinoid milestones

In California, Amyris reported that it has received from its cannabinoid partner, LAVVAN, a first cash payment of $10 million for having successfully delivered on its first major collaboration milestone as announced on March 29, 2019.

“We are very pleased with the continued strong execution of our business strategy and the performance of our technology platform,” said John Melo, President and CEO of Amyris. “We are also encouraged by the progress we’ve made thus far working with our valued partner, LAVVAN, and our collaborative relationship with them on this project, which will be another cornerstone of our growth. Our brands and supply business are having a great year and our technology pipeline is delivering on our partners’ expectations.”

“This first milestone further cements our partnership with Amyris,” said Etan Bendheim, CEO of LAVVAN. “Their R&D capabilities are second to none and we are excited to be further implementing their best-in-class technology as we continue to progress towards scaling production and full commercialization.”