VANCOUVER, BC, July 13, 2021 /PRNewswire/ — Trait Biosciences Inc., a leading cannabinoid biotechnology research organization, today announced the appointment of Auroni Majumdar to its Strategic Advisory Board (“Board”). The highly respected International Flavors and Fragrances (IFF) executive joins the Board — which currently includes the President of Bacardi Spirits and a former President of Mars/Wrigley — to serve as strategic advisor to Trait Biosciences in developing its commercial strategy for delivering innovative solutions to the rapidly growing CBD-infused product market.
“Trait’s mission to develop innovative cannabinoid technologies delivering superior water-soluble extracts will enable the formulation of higher quality and safer CBD products. Our technologies seek to ensure consumers have a safe, reliable, and predictable experience each time they choose a CBD-infused product,” said Peter McDonough, Trait Chief Executive Officer. “Having the support of Auroni Majumdar provides our organization valuable counsel to assist in technology development and commercialization as we prepare to launch our flagship technology.”
Today’s news follows the June announcement that Trait completed a C$31 million Series A financing round led by Btomorrow Ventures Limited (BTV), the corporate venturing unit of British American Tobacco (BAT).
About Auroni Majumdar
Mr. Majumdar brings valuable insights to Trait from his current responsibilities as Vice President, Strategy and Business Development of Integrated Solutions, at IFF. He directs IFF’s Business and Technical Strategy for new Integrated Products, developing innovative finished good solutions and forming business alliances in support of the global company’s Nourish, Health & Biosciences, Scent and Pharma Business Units. Prior to his leadership role at IFF, Auroni served in numerous senior roles at PepsiCo, working across its US food and beverage brands.
Mr. Majumdar said: “I’m excited to support Trait in its technology that will be critical for the development of safe and high-quality CBD products. Trait’s technology will represent a major step forward for third-party formulation and development teams that are preparing to introduce innovative consumer CBD products to address more sophisticated consumer needs in the years ahead.”
Previous appointments to the Trait Advisory Board include Pete Carr, President of Bacardi North America, the world’s largest privately held spirits company; and Keith Levy, former President of Mars Wrigley and former Chief Marketing Officer at Anheuser-Busch.
Trait Biosciences Is Preparing To Launch A Breakthrough Water-Soluble CBD Extract in 2022
“Trait is focused on developing technology that provides our business partners with a superior extract to nano-emulsion solutions that are actively used throughout the industry today. Our new technology, scheduled for market launch in 2022, will deliver premium quality, water-soluble cannabinoids for use in a broad range of novel CBD products encompassing, amongst others, beverages, edibles and health and wellness applications,” said Mr. McDonough.
Presently, many manufacturers utilize nano-emulsion processes to infuse cannabinoids into novel edible products and beverages. However, there is growing concern that these fat-soluble CBD nanoparticles are prone to accumulate in organs, having the potential to cause health problems for those who ingest them. Trait’s revolutionary technology, that enables the production of truly water-soluble CBDs, has the potential to be an industry breakthrough of increasing importance to the development of CBD-infused products.
Cannabis-infused Drink Market Expected to Increase More Than 10-fold
Analysts from Brightfield Group estimate the US CBD market will grow to reach nearly $24 billion by 2023. A recent report by Zenith Global, a leading global food and drink consulting firm, projects that the US market for cannabis-infused drinks will grow to $1.4 billion by 2024, an increase of more than ten times (10x) from 2020 industry sales. New technologies and methods of CBD infusion, such as those provided by Trait Biosciences’ patented technologies, will serve as a catalyst for growth and transform the beverages market.
About Trait Biosciences
Trait Biosciences Inc. is a global leader in cannabinoid research, focused on developing technologies that enable the production of safe, high-quality, low cost, predictable, and efficacious CBD products. Our mission is to develop the world’s most comprehensive integrated approach to cannabinoid science, insights, and technology. www.traitbio.com
SOURCE Trait Biosciences Inc.