According to OBX, the financing will be used to accelerate safety studies and efficacy research, build additional scale, and support international distribution opportunities
Open Book Extracts (OBX), a cannabinoid ingredient manufacturer and product development house, has announced the close of an $11.5 m Series B equity financing round. The funding round was organised through its parent company Steady State, and led by Nortecapital and KEY Investment Partners.
"We're excited to bring Nortecapital and KEY Investment Partners into the OBX family and welcome back our long-term partners that have supported our company's mission from the very beginning," said Dave Neundorfer, OBX CEO. "We’ve been committed to the development of best-in-class cannabinoid products and services, which has resulted in impressive growth, customer loyalty, and now, with this round, expanded scale, an enhanced global reach, and scientifically-backed cannabinoid formulations.”
The company’s cGMP production offers 99%+ purity cannabinoid isolates, including CBD, CBG, CBN, CBC, and THCV. It also provides formulation services and finished goods such as edibles, softgels, 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 client base throughout Europe. It also supports global brands through OBX Asia, with headquarters in Hong Kong, and in South Africa through Peter Bodill Agencies, its principal distribution partner on the African continent. The company now sees the opportunity for expansion in Mexico and Latin America through Nortecapital’s relationships.
"OBX's product quality is unmatched across the cannabinoid industry, as exemplified by their consistent growth and dedicated global customer base," said Nortecapital’s board designee Gabriel Senior. "Over the past two years, OBX has built a best-in-class team to deliver product excellence, and we are eager to support their distribution efforts throughout Mexico and Latin America.”