Oxford Cannabinoid Technologies Holdings plc Announces Exclusive Agreement with Canopy Growth Corporation

Exclusive Worldwide License Agreement with Canopy Growth Corporation for Key Pharmaceutical Assets

• Exclusive licensing agreement with leading global cannabis company ("Canopy Growth")
• Access to Canopy Growth's cannabinoid library including 335 derivatives and 14 patent families
• Accelerated timelines to clinical trials and expansion of drug development pipeline

LONDON, UK / ACCESSWIRE / September 22, 2021 / Oxford Cannabinoid Technologies Holdings plc ("OCTP" or the "Company"), the holding company of Oxford Cannabinoid Technologies Ltd ("OCT") (together, the "Group"), a company developing licensed prescription cannabinoid medicines for approval by regulatory agencies worldwide and targeting the U$ multi-billion pain market, is pleased to announce that on 21 September 2021 OCT signed an exclusive licensing agreement with Canopy Growth Corporation - a world-leading diversified cannabis and cannabinoid-based consumer product company and Tweed Inc, a wholly owned subsidiary of Canopy Growth.

The terms of the Agreement provide OCT with an exclusive worldwide licence to the entire cannabinoid derivative library, including 335 derivatives of cannabidiol (CBD), tetrahydrocannabinol (THC) and cannabigerol (CBG), intellectual property rights including 14 patent families and associated product research and development ("Canopy Library"). In return, OCT will pay Canopy Growth an annual license fee plus additional payments based on developmental, regulatory and sales milestones and royalties on future sales.

Under the terms of the agreement OCT will use reasonable efforts to develop and commercialise: (i) at least one CBD derivative; (ii) at least one CBG derivative; and (iii) at least one THC derivative, as pharmaceutical drug products. OCT is also responsible for the manufacture and supply of the compounds for development and commercialisation. Canopy Growth and OCT will establish a Development Steering Committee ("DSC") to monitor the progress of the development and commercialisation activities OCT is undertaking in relation to the Canopy Library.

The Group currently has four drug development programmes running in parallel. Its first and most advanced programme is OCT461201, which is initially targeting indications in neuropathic and visceral pain. Phase 1 clinical trials are scheduled for Q3 2022 with Phase 2 trials expected in Q2 2023. OCT's second programme uses inhaled phytocannabinoids to target an undisclosed orphan pain condition, with Phase 1 trials also scheduled for Q3 2022 and Phase 2 expected in Q2 2023.