Biotech Company Raises $10 Million for Cannabis Research Project
Front Range Biosciences, an agricultural biotech company based in Lafayette, Colorado, has raised $10 million to finance a cannabis and hemp research and development program. The investments constitute the largest round of fundraising by a U.S. cannabis biotech company to date, according to a release from the company.
High Tech Propagation
Dr. Jonathan Vaught, the CEO and co-founder of Front Range Biosciences (FRB), said that the company will use the cash to expand its tissue culture propagation operations to provide growers with high-quality, healthy plants.
“This financing will help us accelerate our Clean Stock® program in Colorado, California, and Canada, in addition to aggressively pursuing IP development and resourcing our varietal development program for hemp and cannabis,” said Vaught. “As cannabis and hemp legalization spreads throughout the United States and internationally, there is an increase in demand for clean, quality crops — this capital will also enable us to expand our capacity to meet a small portion of that demand. We appreciate the support from our early investors and are pleased to welcome new investors to the family as we execute on our mission to provide growers with a wide variety of disease-free and true-to-type plant stock.”
Phyto Partners, WelCan Capital, Salveo Capital, Cornerstone Opportunity Partners, Sand Hill Angels,