Biopharmaceutical Research Co., one of seven cultivators licensed by the U.S Drug Enforcement Administration to grow cannabis primarily for research purposes, closed a $20 million Series A funding round.
According to a news release, the Castroville, California-based company plans to use the venture-capital proceeds to:
- Scale operations.
- Expand product offerings.
- Conduct sponsored research.
- Execute its go-to-market strategy.
Intrinsic Capital Partners led the funding round, with participation from Argonautic Ventures, Achari Ventures, AFI Capital Partners, Delta Emerald Ventures, Self Health America and several family offices.
Biopharmaceutical Research (BRC) was among a handful of companies awarded cannabis bulk manufacturing licenses by the DEA in 2021.
Until then, only the University of Mississippi – aka the National Center for Development of Natural Products – was registered by the DEA for cannabis cultivation for research purposes.
“Receiving our DEA Schedule I registration in 2021 allowed us to significantly advance our research capabilities, optimize our cannabis growing operation, and produce novel cannabis-derived products in a federally compliant manner,” Biopharmaceutical CEO George Hodgin said in a statement.
“This significant new financial infusion will further accelerate our ability to grow as a business, while establishing BRC as an industry leader.”
Researchers wishing to work with DEA-licensed bulk manufacturers such as BRC must also attain DEA approval to conduct cannabis studies.