It's synthetic, yes, but chemically identical so it's still a cannabinoid. As for it being "proprietary"... I don't think you can patent naturally occurring substances and furthermore they don't actually make the CBD themselves, it's manufactured by another company in the US.
Botanix will benefit from first mover advantage getting CBD approved as a pharmaceutical for human use against acne and dermatitis, which blocks other companies from doing the same thing, hence they effectively gain a monopoly on CBD for those diseases.
Permetrex is also another competitive advantage, ensuring more CBD enters the dermis than direct topical application alone.
Ann: Updated Investor Presentation, page-39
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