GSK

GSK plc

34.59
USD
0.67%
34.59
USD
0.67%
28.46 46.97
52 weeks
52 weeks

Mkt Cap 87.02B

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DEA-Licensed Pharmaceutical Cannabis Research Company Announces $20M Series A Funding Round

The Biopharmaceutical Research Company (BRC), an active DEA pharmaceutical cannabis license holder, announced the completion of a $20 million Series A fundraise, that will enable the company to scale its operations and increase its product offering, conduct sponsored research, and execute on its go-to-market strategy. The round is being led by Intrinsic Capital Partners with participation from Argonautic Ventures, Achari Ventures, AFI Capital Partners, Delta Emerald Ventures, Self Health America (SHAC) and a number of preeminent family offices. “Receiving our DEA Schedule I registration in 2021 allowed us to significantly advance our research capabilities, optimize our cannabis growing operation, and produce novel cannabis-derived products in a federally compliant manner. This significant new financial infusion will further accelerate our ability to grow as a business while establishing BRC as an industry leader,” said George Hodgin, BRC CEO. “Intrinsic not only provides us with the cash we need to scale aggressively, they also bring a wealth of experience in the pharmaceutical space. We’re so grateful to the Intrinsic team and to our other partners for seeing the high-growth potential of our work.” In 2021, BRC was one of a small number of American companies awarded a production license from the DEA to produce clean, consistent, and compliant cannabinoids for federally approved researchers across the U.S. In recent years, BRC has partnered with academic research institutions including Washington State University and the University of California-Davis. “BRC has exactly the kind of high-growth potential our fund looks for in a company,” said Intrinsic managing partner Howard Goodwin M.D. “They’re a mission-driven company with excellent leadership in a high-growth industry, and we’re thrilled to have engaged with a business that is already in a significantly advantageous position given their unique ability to be fully compliant with the DEA.” BRC enters its phase of Series A funding with an experienced team including Osagie Imasogie, senior managing partner at PIPV Capital, and the founder of GlaxoSmithKline Ventures (NYSE: GSK) has joined its Board of Directors. BRC also welcomes Steven Hoffman, former chair of the Massachusetts Cannabis Control Commission as well as Bob Sheroff, former global head of supply chain across multiple divisions within Johnson & Johnson JNJ to its Board of Advisors. Imasogie and Sheroff both come from Intrinsic’s deep operating network. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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