CPE News (6/16/2021) – Trait Biosciences Inc. has officially announced the closing a $31 million Series A round of financing with investors including Btomorrow Ventures Limited (BTV), the corporate venturing unit of British American Tobacco (BAT), Gotham Green Partners (GGP) and earlier investors.
The new financing round features a combination of new cash and the conversion of existing company debt from previously closed bridge financing. Bulk of the capital raise came from Gotham Green Partners and other US investors.
The financing closed in first quarter of 2021. Canaccord Genuity Corp. and PI Financial Corp. assisted Trait in the capital raise.
Trait Biosciences has now raised over $45 million to date since its inception.
Vancouver based Trait will use new funding to accelerate the research and development necessary to commercialize its 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.
photo credit: Trait Biosciences
Trait Biosciences Receives Strategic Investment From Btomorrow Ventures As Lead Investor In A C$31 Million Series A Financing
VANCOUVER, BC, June 16, 2021 /PRNewswire/ — Trait Biosciences Inc. (“Trait”) — a global leader in cannabinoid research 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”). 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.
About Btomorrow Ventures (BTV)
BTV is the corporate venturing unit of British American Tobacco (BAT). Established in 2020, BTV invests in high growth businesses, from seed funding to those looking for further, series B investment. BTV’s focus is to invest in world-class entrepreneurs with innovative products, and differentiating technologies. BTV supports BAT’s corporate purpose of building A Better Tomorrow™ and will accelerate its transformation into a multi-category consumer goods business. For more information visit our website: http://www.btomorrowv.com
About Gotham Green Partners
Gotham Green Partners (GGP) was founded in 2017 and formed upon the belief that the evolution of the CBD and cannabis markets will create a globally disruptive industry across medical, nutraceutical, and recreational use cases. At GGP we employ an opportunistic approach, investing in companies throughout every industry vertical, and target best-in-class operators with differentiated business models, defensible intellectual property, and scalable platforms. www.gothamgreenpartners.com
About Trait Biosciences
Trait Biosciences Inc. is a global leader in cannabinoid research, focused on developing technologies that enable the production of safe, high-quality, low cost, predictable, and efficacious CBD products. Our mission is to develop the world’s most comprehensive integrated approach to cannabinoid science, insights, and technology. www.traitbio.com
SOURCE Trait Biosciences Inc.