Trait Biosciences, a leading cannabinoid biotechnology research organization, announced that it has completed a C$31 million ($25.46 million) Series A financing round led by the corporate venturing unit of British American Tobacco BTI, Btomorrow Ventures, and backed by Gotham Green Partners.
Viridian Capital has been an advisor to the Company.
Other investors who participated in the round consisted of the Company’s previous backers in earlier fundraising rounds.
The Vancouver BC-based company noted that the money raised will be used to support its research and development activities in relation to the commercialization of Trait’s proprietary 2XGLY Water Soluble Cannabinoid technology. Research-oriented CBD Trait also plans to use the new funding to advance research and development across various technologies created to improve cannabinoid production methodologies.
Peter McDonough, CEO, commented, “Trait is focused on developing technology that provides our business partners with a superior extract to nano-emulsion solutions that are actively used throughout the industry today. Our new technology, scheduled for market launch in 2022, will deliver premium quality, water-soluble cannabinoids for use in a broad range of novel CBD products encompassing, amongst others, beverages, edibles and health and wellness applications.”
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