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Market Updates, Products & Ingredients

Open Book Extracts Receives Strategic Investment from Btomorrow Ventures

The lead investor in the company’s Series C funding also signed a scientific collaboration agreement covering areas of future R&D.

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By: Mike Montemarano

Associate Editor, Nutraceuticals World

Open Book Extracts (OBX), an ingredient manufacturer specializing in cannabinoid ingredients and finished products, announced the completion of its Series C financing round. The funding secured could total between $20 million and $25 million, depending on certain milestones.
 
The second close of the round was led by Btomorrow Ventures (BTV), the corporate venture unit of British American Tobacco (BAT), which will support ongoing research efforts at OBX, in areas like toxicology, safety, and efficacy research on cannabinoid ingredients and finished products, with cannabinoids such as CBD, CBN, CBC, CBG, CBT, CBDa, CBGa, and THCv.
 
Additionally, BAT and OBX have signed a scientific collaboration agreement covering certain areas of future R&D, with a focus on cannabinoid ingredients, a review of their potential health benefits and effects, and formulation science across product formats.
 
“Innovation is the cornerstone of OBX’s strategy, and the investment from and collaboration with BAT will accelerate the pace of innovation by orders of magnitude,” said Dave Neundorfer, OBX chief executive officer. “In BAT, we have found the ideal strategic partner who brings sophisticated management, innovative product platforms, an impressive dedication to research and development, deep consumer insights, and regulatory expertise. This is a tremendous milestone in our continued focus on developing products that work for the brands who care.”
 

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