VANCOUVER, BC–Trait Biosciences Inc.— a cannabinoid research company focused on developing technologies that enable the production of safe, high-quality, predictable, and efficacious CBD products — today announced the completion of a C$31 million Series A financing round. The Financing features a combination of new cash and the conversion of existing company debt.
The Financing was led by Btomorrow Ventures (BTV), the corporate venturing unit of British American Tobacco (BAT), supported by Gotham Green Partners (GGP) and additional investors from Trait’s earlier fundraising rounds.
The new funding will accelerate the research and development necessary to commercialize Trait’s proprietary 2XGLY Water Soluble Cannabinoid technology and enable Trait to underwrite R&D in an array of technologies designed to strengthen cannabinoid production practices and improve operating margins for cultivators.
“Trait is honored to work with BTV as a strategic investor to advance the commercialization of our unique IP portfolio, beginning with Trait’s proprietary water-soluble CBD extract that is superior to nano-emulsion,” said Peter McDonough, Trait Biosciences CEO. “Trait’s groundbreaking innovation will be a catalyst for developing safer and higher quality CBD infused beverages and other consumer products.”
Trait currently has more than 90 active patent applications focused on innovative cannabinoid technology. Trait’s first-to-market product enabling readily available marketplace CBD extract to be converted into a superior, clear, tasteless, and fully water-soluble cannabinoid extract is slated to launch in 2022. The company is also developing a valuable IP portfolio in biomolecular plant transformation technology designed to significantly improve minor cannabinoid productivity in plants and strengthen overall crop yield for hemp cultivators.
(This information is primarily sourced from Trait Biosciences. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).