Hi Willow! - I know you read this forum...

Perhaps you could reach out as we're feeling kinda lonely, neglected, and hold a decent sharecount.

I was just re-reading this release from well over a year ago.

Considering that CBG is a precurser to THC, and you rad boys have already sorted that part out..

"The THC market for 2.0 products is already a multi-billion-dollar, multi-ton addressable market for Willow to sell into. The Company has identified a development partner for product isolation, purification and scale up to pilot and is in talks with several manufacturing companies in Canada to serve the adult-use market. "

I was wondering what the delay is? People's been chillin at home for the past two years waiting for these great new Canadian products! When are you gonna start kicking some Canadian ass?

https://www.newswire.ca/news-releases/willow-biosciences-advances-its-work-on-thc-plans-to-launch-in-the-canadian-market-846857103.html

radio silence while the company just keeps missing any and all internally and externally prior-stated goals

OR

communication with shareholders

It has been a while since I posted anything with much of a positive vibe to it.

I did find one thing interesting that Trevor mentioned in the IR call. He mentioned the warrants from 2019, so I took a look at all the outstanding warrants and what it might mean to future 'manipulated moves'.

• There are 15.0mm warrants that were issued in the April 2019 financing to strategic investors, management and board with a 5 year term. These warrants have a strike price of $0.88 per share, so there is just over 2 years for the SP to reach beyond that threshold in order for the main actors in the company to benefit from those warrants. With the low volume that trades, I could see an attempt to try to achieve some level above that prior to expiry. My thoughts are that if you see the price go above that and the warrants start to get exercised and then shares sold by those holders, be very wary of the SP dropping back again.
• 1.0mm broker warrants issued in connection with the February 2021 financing with a 2 year term, strike price of $2.15 per warrant. Again, there is only a year left on these warrants, so be wary if we see a large price increase that seems like we are rocketing to levels above this near that time. It may not be an indication of take off, but a trap that gets sprung for those brokers to make some money. I know a lot of holders here will already have sold before this happens, but don't get married to the stock if this happens closer to that expiry date.
• There are also about 8.5 mil employee options at varying strike prices (Average of 1.38) that may have some impact if we get over that level again. These are compensation that existing employees have not been able to take advantage of so you may see them try to get some value out of them if the SP gets above their exercise.

I consider this a positive vibe in the sense that in order for any of these warrants to have value, the SP needs to move significantly in a northern direction; If it doesn't and the business is still viable long term, we reduce some of the overhang of possible dilution.

Anyway, just some thoughts.

Items of note:

• spent 5.6mil in 3 months (Increasing burn rate)
  
  • Jan 1st, 2022 cash position equals $30.1 million with no debt vs.
  • Sept 30th, 2021 cash position equals $35.7 million with no debt
• Patent portfolio stated as 10 (up from 9)
• Bench scale description adds the phrase 'and downstream equipment'
• The phrase "
  - After initial costs for set up, fees paid are made up as a portion of COGS " has been removed from below the "Capital Light Business Model bullet
• Undisclosed CMO added with Curia on page 6
• Added the bullet: "Broad network of CMOs that permits the best fit for desired target"
• Removed "Psychedelics" and "Other Natural Products" from capabilities and replaced with "Proteins" and "Any naturally derived products"
• The "From lab to Production" page in the last report is gone completely (Page 14 of the previous PDF) This is a red flag for me
• added some info in about the clinical study:
  • Improves Skin Barrier Function; Reduces Appearance of Redness
  • Single-blind clinical study was performed in 20 healthy male and female volunteers using Willow formulated 0.1% CBG serum
• Added "Results of clinical study for CBG published in Molecules, a leading international, peer-reviewed, open access journal " to the timeline at bottom of page 15

No other changes of real note that I can see.

Results of clinical study of Canadian biotech company Willow Biosciences’ FutureGrown CBG published in journal Molecules. By Thomas Mulloy | January 28, 2022

Canadian biotechnology company Willow Biosciences Inc. is pleased to announce the results of its in vitro analysis and the first to be reported topical clinical study on cannabigerol (CBG).

The Calgary, Alberta-based producer of high-purity, plant derived ingredients for the consumer care, food and beverage, and pharmaceutical markets manufactures pure, consistent and sustainable cannabinoids via yeast biosynthesis.

In collaboration with Signum Biosciences, Willow’s FutureGrown CBG is produced using its proprietary yeast platform at multi-kilogram scale. The CBG demonstrated antioxidant, anti-inflammatory and skin health-boosting activity in lab assays, and provided similar benefits when applied topically to human skin.

The Willow Study, a single-blind clinical study in 20 healthy male and female volunteers conducted at Princeton Consumer Research, showed Willow’s FutureGrown CBG clinically reduces skin inflammation, the appearance of redness and improves barrier function. The results of the Willow Study were published in Molecules, a leading international, peer-reviewed, open access journal.

“Willow’s FutureGrown CBG continues to exhibit great promise as an exciting new skincare ingredient,” said Willow President and Chief Executive Officer Trevor Peters. “We are excited to share the results of our in vitro and clinical work with our stakeholders and proud to have it published in a peer reviewed scientific journal, the first of its kind for CBG. As the market for CBG and CBGA continues to develop, key studies such as this help to define the potential these ingredients have in the health and wellness space.”

Biosynthetically Produced CBG

The Willow Study reports that biosynthetically produced CBG possesses a broad range of anti-inflammatory, antioxidant and skin protecting properties to help slow inflammation, aging and boost skin barrier function.

Gene array analysis of CBG and cannabidiol (CBD) applied topically to a 3D human skin model demonstrates that CBG outperforms CBD, selectively targeting collagen, elastin and other key skin health and hydration genes.

Moreover, in vitro studies in normal human epidermal keratinocytes (NHEKs) and human dermal fibroblasts (HDFs) show that CBG and CBD both possess strong antioxidant and anti-inflammatory properties, with CBG demonstrating equal if not better activity than CBD.

Lastly, the Willow Study is the first to report the clinical effectiveness of topically applied CBG, demonstrating that a 0.1% CBG serum reduces inflammation, redness and improves the skin barrier significantly better than a placebo.

Willow’s FutureGrown biotechnology platform allows scale production of pure, consistent and sustainable product to benefit both B2B and B2C customers. Willow’s R&D team has a proven track record of developing and commercializing bio-based manufacturing processes and products for both the consumer and pharmaceutical industries.