Trait Biosciences, Inc, a Vancouver BC-based company focused on developing technologies that enable the production of CBD products, raised C$31M in Series A funding.
The financing, which features a combination of new cash and the conversion of existing company debt, was led by Btomorrow Ventures (BTV), supported by Gotham Green Partners (GGP) and additional investors from Trait’s earlier fundraising rounds.
The company intends to use the funds to accelerate the research and development needed to commercialize its proprietary 2XGLY Water Soluble Cannabinoid technology and to underwrite R&D in an array of technologies designed to strengthen cannabinoid production practices and improve operating margins for cultivators.
Led by Peter McDonough, CEO, Trait Biosciences is a global leader in cannabinoid research, focused on developing technologies that enable the production of CBD products. The company 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 water-soluble cannabinoid extract is slated to launch in 2022. The company is also developing an IP portfolio in biomolecular plant transformation technology designed to improve minor cannabinoid productivity in plants and strengthen overall crop yield for hemp cultivators.