An agricultural biotech company called Front Range Biosciences found in Lafayette, Colorado has raised $10 million to support a cannabis and hemp research and development program. According to a release from the company, the investments accounts for the biggest round of fundraising by a U.S. cannabis biotech company to date.
The CEO and co-founder of Front Range Biosciences (FRB), Dr. Jonathan Vaught stated that the company would utilize the money to extend its tissue culture propagation operations to offer growers with high-quality, healthy plants.
According to Vaught, this financing will help them increase their Clean Stock program in Colorado, California, and Canada, and highly chase IP development and resourcing their varietal development program for hemp and cannabis. He added that as marijuana and hemp legalization grows all over the United States and internationally, there is a rise in demand for clean, quality crops — the provided capital will also help them to increase their power to meet a small part of that demand. Front Range Biosciences is grateful for the help from their early investors and are happy to welcome new investors to the group as they implement their goal to offer growers with a wide range of disease-free and true-to-type plant stock.
New participants in the round of financing include Phyto Partners, WelCan Capital, Salveo Capital, Cornerstone Opportunity Partners, Sand Hill Angels, Harvard Business School Alumni Angels of New York, New York Angels, Altitude Investment Management, and various new and returning investors.
The managing director of Phyto Partners, Larry Schnurmacher, stated that the investment was symbolic of his company’s future in the financial power and discipline of Front Range Biosciences.
According to Schnurmacher, members of Front Range Biosciences are happy to take part in follow-on funding for the company. The management group has been fruitfully implementing on about every KPI brought forth in their first due diligence and their business plan. FRB is going through impressive growth in a short interval and is set to move ahead as the cannabis supply chain continually evolves.
The managing partner for Salveo Capital, Michael Gruber stated that new financing would favor the production of new better strains of cannabis.
According to Gruber, FRB has a certified track record of creating a distinct system to enhance output and quality within crops, mainly in the evolving hemp and marijuana industry. He added that the company is happy to have the chance to invest in an associate with a creative and unpredictable company that they believe has a massive potential for growth. Salveo Capital is hoping to work closely with the entire FRB group to help facilitate important value creation in the business.
A partner at WelCan Capital, Vikas Desai stated that a brand new inclusion of capital would permit the Front Range to extend in legal cannabis markets continually.
According to Desai, the company is happy with FRB’s potential to scale their business and deal with significant problems in the industry. This recent round of financing shows their ability to attract capital from professionally trained and knowledgeable investors. FRB is the main illustration of a cannabis company with a mature, skillful management team and an accurate institutional caliber operation, with highly resembles a conventional biotech company.
