Water-soluble Emulsion Tech Company SōRSE Secures $2M Lead Investment From Merida Capital
SōRSE Technology Corporation confirmed Thursday it has launched a $4 million convertible note offering, receiving a $2 million lead investment from a private equity firm, Merida Capital Holdings.
A water-soluble emulsion technology company said it plans to use the investment to support its innovation activities and scalability.
SōRSE estimated that fundraising will be completed in May.
“We’re excited to join Merida’s prestigious portfolio, which includes other cannabis industry leaders we’ve collaborated with in the past such as New Frontier Data and Leafly,” said SōRSE CEO Howard Lee. “With Merida’s financing, SōRSE can continue our 100%+ year on year revenue growth. The relationship allows our Company to continue its mission to make cannabinoids and other functional ingredients more efficacious and accessible for the consumer.”
Just last year, the SōRSE presented six new product offerings, at the same time developing formulations and mobile production services. Currently, the company has over 60 employees, counting more than 30 scientists and product developers in the research and development team, basting 200 years of joint professional experience. It has clients across five continents – North America, South America, Europe, Asia and Australia.
Merida Partner David Goldburg also commented, saying the firm is thrilled to lead the round “for one of the leading emulsion technology platforms in North America. With THC and CBD beverages poised for explosive growth, SōRSE is a clear market leader with best-in-class technology, the broadest array of product offerings, and the capability to customize solutions for any beverage type.”
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