Our industry briefing brings together highlights from the global CBD, cannabis and hemp industries. In this week’s briefing we include financial results from cannabinoid pharmaceutical specialist MediPharm; news of Prima’s recent $9.2 million fund raise; and, how research is needed to help solve hemp seed THC problems.
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Prima, the award-winning plant therapeutics and cannabinoids brand, looks set to solidify its position as a U.S. market-leader following its $9.2 million seed plus financing led by leading institutional venture firms Greycroft, H Ventures, Defy, and Lerer Hippeau.
The landmark funding from top-tier, values-aligned capital partners will support sustainable growth and power upcoming retail expansion, remedy-focused clinical research, portfolio refinements and education initiatives along its path to profitability.
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Hemp seed breeders must collaborate with academic-run, varietal trials to tackle hemp’s total THC problem and move the industry forward, according to Matt Haddad, CEO of Trilogene Seeds, an award-winning hemp seed breeder.
“Ninety-five percent of all the hemp grown last year was marijuana. It went hot,” Haddad says. “We need to bring more academic analysis to these hemp varietals, especially with the 0.3 total THC iron fist coming down.”
Specialist cannabis pharmaceutical manufacturer MediPharm has reported a 9% drop in revenue from the previous quarter to $5.5 million for Q1 2021, in a period that saw a reduction in Canadian domestic revenue. Despite this the company maintains a positive outlook through a stronger mix of international revenue and growth opportunities.
Cleantech hemp fibre engineering company, Bast Fibre Technologies has raised CAD$8.5 million (US$7 million) series A equity financing, in a round led by US-based private equity firm Merida Capital Holdings. The Company will now enter its next phase of growth focused on the full-scale manufacturing and commercialization of natural bast fibres for nonwoven products.
As CBD use becomes mainstream, understanding the impact of the compound on other aspects of life is becoming increasingly important. Researchers at the West Virginia University School of Public Health have recently begun recruiting participants for a new study that will look at whether CBD oil impairs driving ability…
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