Colorado cannabis biotech snags $10 million for expansion

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Marijuana biotech firm Front Range Biosciences announced Thursday it secured $10 million in private funding to accelerate production in California, Canada and Colorado.

The company, based in Lafayette, Colorado, said it plans to invest some of the money in investigating new strains of cannabis.

Front Range Biosciences uses tissue-culture technology to make “plantlets” for both hemp and marijuana producers.

The company’s investors in the Series A round included Phyto Partners and WelCan Capital, both cannabis-focused venture capital funds, and Salveo Capital, an Illinois-based private equity fund.

Front Range also makes coffee rooting cuttings in California.