Teewinot Life Sciences – a Florida company that develops synthetic, cannabinoid-based medical therapies – raised $12.3 million in a Series B funding that attracted strong investor interest.
It’s the latest sign that investors remain keen on the marijuana sector. And it comes despite Trump the administration’s mixed messages about marijuana policy.
Teewinot said in a news release the funding was almost 25% oversubscribed, based on the company’s $10 million goal.
The company will use the money for research and development, landing more patents and increasing business development opportunities.
Tuatara Capital, a New York-based canna-centric investment private equity fund, led the Series B funding. Tuatara Capital also led Teewinot’s $7 million Series A round in December 2015.
In 2016, Teewinot claimed a U.S. patent on its process to synthetically produce the cannabinoids THCA, CBDA and CBCA. In the news release announcing the latest raise, Teewinot claimed it has patent-protected processes to produce other cannabinoids, including THC, CBD, CBGA, CBG, CBGVA, CBGV, THC, THCVA, THCV, CBD, CBDVA, CBDV, CBC, CBCVA, CBCV, CBN and CBL.