RE: CBD14 May 2019 01:16
Socati – a pioneer in the development of hemp genetics, cannabinoid science, and disruptive extraction and purification technology – today announced it has closed a second round of funding from private investors. The capital will be used to bring operations to manufacturing scale, securing Socati’s place as a primary high-volume processor of THC-free full-spectrum hemp.
“We are excited to announce this successful newest round of funding as it shows the intense interest investors have in the space and the growth potential of the market,” said Josh Epstein, CEO at Socati. “This capital gives us the ability to bring ourselves up to scale and provide leading consumer goods companies with a reliable, superior product that meets the growing demand for hemp extracts, including CBD and other cannabinoids, in consumer products.”
Socati initially raised $9 million in seed funding, followed by its most recent $33 million round of funding, announced today. Investors in the second round include:
Lorne Abony, Founder and CEO of Mood Media, Fun Technologies, Nuuvera and Petopia.com.
Jim Mellon, European billionaire biotech investor and chairman of both Juvenescence AI Limited and The Burnbrae Group.
JJR Private Capital Inc., a private capital firm that specializes in financing and advising companies in the financial services, healthcare and consumer goods industries.
JJR.....