California-based Demetrix secured $50 million in a Series A funding, which the company will use for research of synthetic cannabinoid production.
The Emeryville company wants to use baker’s yeast to produce large volumes of cannabinoids. More than 100 of cannabinoids can be found in the cannabis plant, sometimes in trace amounts.
The company did not specify which cannabinoids it is focusing on.
The funding round was led by New York-based investment group Tuatara Capital with support from an existing investor, Horizons Ventures of Hong Kong.
Horizons Ventures, which led an initial $11 million Series Seed round in Demetrix, is the private investment arm of Chinese business magnate Li Ka-shing.
More details on the funding can be found in this news release.
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Written by Nick Thomas
Marijuana Business Daily