shares of charlottes web holdings inc rose thursday morning after the company said it formed a joint venture with ajna biosciences pbc a botanical drug development subsidiary of tobacco and nicotine products giant british american tobacco plc at 1102 am et shares of charlottes web were trading nearly 13 higher at 45 canadian cents 33 us cents the canadian distributor of hempbased cannabidiol wellness products said its joint venture with ajna biosciences plans to file an investigational new drug application seeking approval from the us food and drug administration to begin the first clinical phase of development this year for a novel hempbased drug that targets a neurological condition as the initial investor in the joint venture british american tobacco is contributing 10 million for a 20 equity interest in the form of preferred units the money will be used for the new drug application and early clinical development it said charlottes web and ajna biosciences will each own 40 of the joint ventures voting common units ajna biosciences is partially owned and cofounded by founding members of charlottes web and joel stanley ajna biosciences president and the former chief executive and chairman of charlottes web