eSense-Lab in binding JV for new range of skincare, hair care and hand sanitisers using terpenes

eSense-Lab Limited (ASX:ESE) has entered a binding joint venture with a cosmeceutical manufacturer and wholesaler to formulate and manufacture a range of skincare, hair care and hand sanitisers containing its proprietary terpene mixes.

Under the agreement with ANC Enterprises Pty Ltd, eSense will provide specific terpenes uniquely developed for each product category.

ANC will then manufacture the products at its wholly-owned 600 square metre GMP-certified facility in Victoria, under a cost-plus arrangement.

eSense will hold a 95% stake in the JV company with an initial cash contribution of $95,000 while ANC will have the remaining 5% with a $5,000 cash contribution.*"Validates commercialisation model"*

eSense CEO Itzik Mizrahi said: "The joint venture agreement validates eSense's updated commercialisation model as well as the growing recognition of terpenes and their unique and varied qualities in more markets.

"This agreement will see eSense's terpenes used in a premium Australian-made product to be delivered straight to consumers."

eSense-Lab is a biotech company with a unique technology to analyse and reverse-engineer the terpene profiles of cannabis strains by using alternate plant sources.

Terpenes are naturally occurring compounds (classified as phytochemicals) which account for the flavour and fragrance of plants. Each plant has its own unique terpene profile.