Subject: FNC
New West Genetics scaling up hemp genetics R&D and operations following capital raise
FORT COLLINS, Colo., Dec. 13, 2018 /PRNewswire/ -- New West Genetics, LLC, a leading hemp genetics developer, today announced that it has concluded a capital raise and is expanding its operations. Investors, including individuals and institutions from both the Cannabis and agricultural industries, have purchased over $3 million in instruments convertible into equity.
The market for hemp is growing rapidly, with hemp cannabinoids increasingly incorporated into food and beverages, personal care products and pharmaceuticals. In 2014, New West Genetics anticipated this demand and began developing varieties for reliable and sustainable field crop production, making large-scale hemp cultivation possible in the U.S. The company creates varieties that combine rich profiles of cannabinoids with superior plant characteristics; with crops that are adapted to local soil and climate conditions, are pest resistant, and possess multiple other high-yielding traits.
"New West Genetics will deploy this capital to bring about a transition in the hemp industry, from small-scale, often greenhouse-grown cultivars to a high-yielding sustainable crop with consistent quality, grown from proprietary seed," said Wendy Mosher, the company's CEO. "We are accelerating our product pipeline, expanding product testing and production into new regions, and recruiting key leadership to our operating team."
Managing Partner at Canna Advisors, and New West Genetics Board Member, Jay Czarkowski noted "I have been impressed with the progress of the New West Genetics team over the past few years. They have assembled and created a unique intellectual property position, with the industry's premier collection of proprietary crop breeding stocks. These new varieties have the quality and consistency that the industry needs in order to achieve the growth it is anticipating."
About New West Genetics:
New West Genetics is paving the way for large-scale cannabinoid production by using data-driven discovery and conventional breeding to create high performing, sustainable hemp varieties. The company's proprietary seed products grant product manufacturers access to a reliable and consistent cannabinoid content, creating a foundation for the development of novel nutritional and therapeutic cannabinoid extracts, the fastest growing and largest segments of the cannabis market. New West Genetics' innovations will benefit consumers by improving cannabinoid scalability, access, and affordability, as well as offering farmers an alternative, high-value crop. For additional information, please visit http://www.newwestgenetics.com
SOURCE New West Genetics
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