ROXBORO, NC, June 02, 2021 (GLOBE NEWSWIRE) – Open Book Extracts (OBX), a leading ingredient manufacturer and product development house based in Roxboro, North Carolina, for products at The industry’s most innovative and highest-quality cannabinoid base, has announced the closing of an $ 11.5 million Series B funding round through its parent company Steady State. This round of funding, co-led by Nortecapital and KEY Investment Partners, is a resounding vote of confidence for OBX and its position as a leading manufacturer of trusted cannabinoid products.
According to OBX, the funding will be used to accelerate safety studies and efficacy research, expand further scale and support international distribution opportunities.
“We are delighted to integrate Nortecapital and KEY Investment Partners into the OBX family and welcome back our long-term partners who have supported our company’s mission from the very beginning,” said Dave Neundorfer, CEO of OBX. “We are committed to developing the best cannabinoid products and services, which has resulted in impressive growth, customer loyalty and now, with this cycle, expanded scale, improved global reach, and scientifically backed cannabinoid formulas.
OBX’s cGMP-certified production operations offer one of the largest portfolios of cannabinoid isolates at over 99% purity, including CBD, CBG, CBN, CBC and THCV. In addition, OBX provides formulation services and finished products such as edibles, capsules, tablets, tinctures, pet products and topical products.
As a member of the European Industrial Hemp Association (EIHA) and its Novel Foods consortium, OBX serves a rapidly growing customer base across Europe. OBX also supports global brands through OBX Asia, headquartered in Hong Kong, and South Africa through Peter Bodill Agencies (PTY) LTD, its main distribution partner on the African continent. Now, the opportunity to expand into Mexico and Latin America through Nortecapital’s relationships will accelerate OBX’s continued global growth.
“The quality of OBX’s products is unmatched in the cannabinoid industry, as evidenced by their steady growth and dedicated global customer base,” said Gabriel Senior, member of the board of directors of Nortecapital. “Over the past two years, OBX has built a premier team to deliver product excellence, and we look forward to supporting their distribution efforts across Mexico and Latin America. “
Tiby Erdely, Founding Partner of KEY, said: “We are delighted to have the opportunity to work with OBX CEO Dave Neundorfer, OBX President Oscar Hackett and the exceptional team at Steady State. The Steady State team brings decades of operational expertise from various industries to the emerging cannabis industry which has always been challenged for lack of a reliable and reliable source and supply chain for leading ingredients. a tremendous opportunity to work with Steady State to help drive the expansion of their line of turnkey services that will no doubt continue to take industries by storm.
For more information on OBX and its manufacturing services and capabilities, visit https://www.openbookextracts.com.
About excerpts from open books
Based in Roxboro, NC, Open Book Extracts is a cGMP certified manufacturer of premium plant-based cannabinoid products, aiming to be the true north of the industry by providing premium products, exceptional service and state-of-the-art transparency. With control of the entire supply chain, a state-of-the-art mining campus near the North Carolina Research Triangle, proprietary refinement and conversion methods backed by an intellectual property portfolio Growing and a team of PhD chemists and seasoned business leaders, OBX is the trusted partner for global brands looking to enter the market. OBX Asia, headquartered in Hong Kong, provides strategic advice and on-the-ground support to our Asian clients.
OBX’s cGMP-certified production operations are led by a seasoned scientific team, including a Doctor of Food Science from Cornell, a Doctor of Organic Chemistry from the University of Nevada, and two Master Chemists with a pharmaceutical background, including a Director of quality control officer who joined OBX after a 15 year career as an analytical chemist at GlaxoSmithKline. OBX offers one of the largest portfolios of cannabinoid isolates over 99% purity, including CBD, CBG, CBN, CBC and THCV, as well as formulation services and turnkey manufacturing of finished products, including edibles, capsules, tablets, tinctures, pet products, and topicals.
NORTECAPITAL is a professionally managed family office that invests across the Americas in promising companies with growing markets and excellent management backgrounds.
About KEY Investment Partners
KEY Investment Partners is an investment management firm focused on providing growth capital to early stage cannabis companies. The company invests opportunistically in all sub-sectors of the cannabis industry, with the aim of identifying high-growth, market-leading companies, supported by exceptional management teams. KEY is headquartered in Denver, CO – the most established and mature legal cannabis market in the United States – positioning the company at the forefront of the most exciting trends and developments in the space.
For more information, visit https://keyinvestmentpartners.com/.