European CBD producer Brains Bioceutical Corp. said Thursday that it closed a $30-million capital raise, including $19 million raised by Canaccord Genuity, and a strategic partnership with an unnamed European medical cannabis group.
The company’s founders and senior employees participated in the equity raise, the company said.
Brains Bioeceutical said it plans to use a portion of the capital to broaden its existing U.K. CBD active pharmaceutical ingredient production, boosting its annual capacity nearly sevenfold to 6.91 million grams per annum.
The transaction strengthens one of the biggest partnerships in the European medical cannabis sector, the company said in a press release.
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Brains conducts global EUGMP-certified production of plant-based cannabidiol as an active pharmaceutical ingredient for pharmaceutical and nutraceutical use.
Its CBD API is in a Phase 3 clinical trial for refractory epilepsy in adults from which the company projects positive results.
In addition, Brains said it plans to launch its branded nutraceutical CBD range of products in the U.K. during the first quarter of 2020.
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