DEA-licensed cannabis grower closes $20 million Series A funding round

Biopharmaceutical Research Co.(BRC), one of seven marijuana growers licensed by the U.S. Drug Enforcement Administration primarily for research purposes, has closed a $20 million Series A financing round. According to a press release, the Castroville, California-based company plans to use the venture capital to: scale its operations, expand its product offerings, conduct sponsored research and execute its go-to-market strategy. The round was led by Intrinsic Capital Partners, with participation from Argonautic Ventures, Achari Ventures, AFI Capital Partners, Delta Emerald Ventures, Self Health America and several family offices. "This significant infusion of capital will further accelerate our ability to grow as a business while establishing BRC as an industry leader." Researchers looking to work with DEA-licensed producers such as BRC must also obtain DEA approval to conduct cannabis research.

Information source: mjbizdaily.com