Biopharmaceutical Research Company (BRC), which holds an active Drug Enforcement Administration (DEA) pharmaceutical cannabis license, on Tuesday announced the completion of a $20 million Series A fundraising round.
The round is 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 family offices, the company said in a press release.
George Hodgin, BRC CEO, said the “significant new financial infusion will further accelerate” the company’s “ability to grow as a business while establishing BRC as an industry leader.”
“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.” — Hodgin in a statement
BRC has partnerships with academic research institutions including Washington State University and the University of California-Davis.
Howard Goodwin M.D., Intrinsic managing partner, said BRC “has exactly the kind of high-growth potential” the firm “looks for in a company.”
“They’re a mission-driven company with excellent leadership in a high-growth industry,” he said in a statement, “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.”
Hodgin said BRC is grateful to the Intrinsic team and its other partners “for seeing the high-growth potential of our work.”
“Intrinsic not only provides us with the cash we need to scale aggressively,” he said, “they also bring a wealth of experience in the pharmaceutical space.”
BRC said the funding will enable it to scale its operations, increase its product offerings, conduct sponsored research, and execute its go-to-market strategy.
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