Cannabinoid research startup Trait Biosciences inks Series A

Vancouver-based cannabinoid research startup Trait Biosciences has closed a Series A financing, raising C$31 million. Btomorrow Ventures, the venture capital arm of British American Tobacco, led the round, with participation from Gotham Green Partners and existing investors. Trait is developing technologies that enable the production of cannabidiol-infused beverages and other consumer products.

PRESS RELEASE

VANCOUVER, BC, June 16, 2021 /PRNewswire/ — Trait Biosciences Inc. (“Trait”) — a global leader in cannabinoid research focused on developing technologies that enable the production of safe, high-quality, predictable, and efficacious CBD products — today announced the completion of a C$31 million Series A financing round (the “Financing”). The Financing features a combination of new cash and the conversion of existing company debt. The Financing was led by Btomorrow Ventures (BTV), the corporate venturing unit of British American Tobacco (BAT), supported by Gotham Green Partners (GGP) and additional investors from Trait’s earlier fundraising rounds.

The new funding will accelerate the research and development necessary to commercialize Trait’s proprietary 2XGLY Water Soluble Cannabinoid technology and enable Trait to underwrite R&D in an array of technologies designed to strengthen cannabinoid production practices and improve operating margins for cultivators.

“Trait is honored to work with BTV as a strategic investor to advance the commercialization of our unique IP portfolio, beginning with Trait’s proprietary water-soluble CBD extract that is superior to nano-emulsion,” said Peter McDonough, Trait Biosciences CEO. “Trait’s groundbreaking innovation will be a catalyst for developing safer and higher quality CBD infused beverages and other consumer products.”

Trait currently has more than 90 active patent applications focused on innovative cannabinoid technology. Trait’s first-to-market product enabling readily available marketplace CBD extract to be converted into a superior, clear, tasteless, and fully water-soluble cannabinoid extract is slated to launch in 2022. The company is also developing a valuable IP portfolio in biomolecular plant transformation technology designed to significantly improve minor cannabinoid productivity in plants and strengthen overall crop yield for hemp cultivators.

About Btomorrow Ventures (BTV)
BTV is the corporate venturing unit of British American Tobacco (BAT). Established in 2020, BTV invests in high growth businesses, from seed funding to those looking for further, series B investment. BTV’s focus is to invest in world-class entrepreneurs with innovative products, and differentiating technologies. BTV supports BAT’s corporate purpose of building A Better Tomorrow™ and will accelerate its transformation into a multi-category consumer goods business. For more information visit our website: http://www.btomorrowv.com

About Gotham Green Partners
Gotham Green Partners (GGP) was founded in 2017 and formed upon the belief that the evolution of the CBD and cannabis markets will create a globally disruptive industry across medical, nutraceutical, and recreational use cases. At GGP we employ an opportunistic approach, investing in companies throughout every industry vertical, and target best-in-class operators with differentiated business models, defensible intellectual property, and scalable platforms. www.gothamgreenpartners.com

About Trait Biosciences
Trait Biosciences Inc. is a global leader in cannabinoid research, focused on developing technologies that enable the production of safe, high-quality, low cost, predictable, and efficacious CBD products. Our mission is to develop the world’s most comprehensive integrated approach to cannabinoid science, insights, and technology. www.traitbio.com