Industrial scale production has dominated store shelves for decades. Now that formula is being adopted by the cannabis industry. For Front Range Biosciences (FRB), mass propagation of crops starts in the lab, where consumer cannabis is selectively cultivated and sold to licensed growers. Today, the agricultural biotech startup, which works with coffee strains and industrial hemp clones as well as tissue-culture cannabis, closed a Series A round of $10 million.
Investors remain slow to put their money in marijuana while it remains illegal under federal law, even in states where it’s legalized for medical use, so it’s no surprise that FRB’s latest round is one of the largest biotech cannabis investments in the United States. The fresh cash influx will go toward expanding FRB’s trademarked Clean Stock program headquartered in Lafayette, Colorado. The program aims to produce quality-controlled curated cannabis plants in abundance.
“There’s always this dynamic between the scale of industrial agriculture versus the quality and business practices of your smaller local farms,” Jonathan Vaught, cofounder and CEO of FRB, told Forbes. [Read more at Forbes]