VANCOUVER, BC, Jan. 27, 2022 /PRNewswire/ — Trait Biosciences Inc., a leading cannabinoid biotechnology research organization, today announced that Chief Executive Officer Peter J. McDonough will retire in February, 2022. McDonough will continue to serve on Trait’s Advisory Board as a retained consultant following his retirement. Trait also announced that Dr. Hanny Kanafani will be promoted to the newly created roles of President and Chief Operating Officer, effective February 1.
McDonough was appointed CEO shortly after being recruited to the Trait Biosciences Board of Directors in 2018. Prior to joining Trait, he served as North American President and Chief Marketing & Innovation Officer at Diageo following earlier senior leadership roles at Procter & Gamble and Gillette. Under his leadership, Trait successfully completed a C$31 Million Series A Financing in the Spring of 2021 led by British American Tobacco’s new ventures group (BTV) and Gotham Green Partners. The Financing provides funding for Trait’s Los Alamos, NM, based research organization in developing proprietary cannabinoid technology. Following his retirement from Trait, McDonough will continue serving as an Independent Director on numerous NYSE listed and private corporate Boards.
Dr. Kanafani joined Trait in October 2021 as Vice President, bringing more than 30 years’ experience in technology and product development following his Ph.D. in Microbiology and Food Sciences from the University of Illinois. Dr. Kanafani has worked in leadership roles in research and development across the packaged foods, beverages and ingredient-systems industries with companies including Herbalife, PepsiCo, MeadJohnson, and Pillsbury.
Trait Biosciences Preparing To Launch Breakthrough Water-Soluble CBD Extract
Today’s news follows Trait Biosciences’ December 2021 announcement that it successfully completed key scientific studies and operational milestones associated with its Series A Financing and the company’s continued progress in advancing its proprietary cannabinoid technology. Trait’s revolutionary technology enables the production of truly water-soluble cannabinoids providing product developers with a superior functional ingredient in 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. New technologies and methods of CBD infusion, such as those provided by Trait Biosciences, 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, 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