Trait Biosciences Chief Executive Peter McDonough Announces Resignation; dr Promoted Hanny Kanafani to President, COO
VANCOUVER, BC, January 27, 2022 /PRNewswire/ — Trait Biosciences Inc., a leading cannabinoid biotechnology research organization, today announced its Chief Executive Officer Peter J McDonough will retire in February 2022. McDonough will continue to serve on the Trait Advisory Board as a tenured advisor following his departure. Trait also announced that Dr. Hanny Kanafani will be promoted to the newly created roles of President and Chief Operating Officer February 1st.
McDonough was named CEO shortly after his appointment to the Trait Biosciences Board of Directors in 2018. Before joining Trait, he served as North American President and Chief Marketing & Innovation Officer at Diageo after previous senior leadership positions at Procter & Gamble and Gillette. Under his leadership, Trait successfully completed a C$31 million Series A funding in Spring 2021, led by British American Tobacco’s New Ventures Group (BTV) and Gotham Green Partners. Funding provides funds for features Los Alamos, N.M, founded research organization developing proprietary cannabinoid technology. Following his departure from Trait, McDonough will continue to serve as an independent director on numerous NYSE-listed and private company boards.
dr Kanafani joined Trait October 2021 as Vice President and brings more than 30 years of technology and product development experience following his Ph.D. in Microbiology and Food Science from the University of Illinois. dr Kanafani has worked in senior R&D positions in the packaged food, beverage and ingredient systems industry at companies such as Herbalife, PepsiCo, MeadJohnson and Pillsbury.
Trait Biosciences is gearing up to launch a breakthrough water-soluble CBD extract
Today’s news follows Trait Biosciences’ December 2021 Announcing the successful completion of key scientific studies and operational milestones related to its Series A funding 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 when developing CBD-infused products.
The cannabis-infused beverage market is expected to grow more than 10-fold
Analysts at Brightfield Group estimate the US CBD market will grow to almost a reach $24 billion by 2023. A recent report by Zenith Global, a leading global food and beverage consultancy, predicts that the US market for cannabis-infused beverages will grow $1.4 billion by 2024. New technologies and methods of CBD infusion, such as those provided by Trait Biosciences, will serve as a growth catalyst and transform the beverage market.
About Trait Biosciences
Trait Biosciences Inc. is a global leader in cannabinoid research focused on developing technologies that enable the manufacture of safe, high quality, predictable and potent CBD products. Our mission is to develop the world’s most comprehensive integrated approach to cannabinoid science, insight and technology. www.traitbio.com
SOURCE Feature Biosciences Inc.