Roxboro, NC—Open Book Extracts (OBX), a cannabinoid ingredient manufacturer and product developer, has closed an $11.5m Series B equity financing round, according to a press release.
Funding was led by Nortecapital and KEY Investment Partners. OBX states in the press release that the financing will be used to accelerate safety studies and efficacy research, build additional scale, and support international distribution opportunities.
“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 chief executive officer. “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.”
OBX offers a portfolio of cannabinoid isolates at 99% purity, and provides formulation services and finished goods. The company is a member of the European Industrial Hemp Association and its Novel Foods Consortium, and serves a client base throughout Europe, Asia, and South Africa. The relationship with Nortecapital will allow OBX to expand in Mexico and Latin America.
“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.”
KEY founding partner Tiby Erdely added: “we are delighted to have the opportunity to work with OBX CEO Dave Neundorfer, OBX President Oscar Hackett, and the outstanding team at Steady State. The Steady State team brings decades of operational expertise from various industries to the emerging cannabis industry which has historically been challenged for lack of a trusted and reliable source and supply chain for top-tier ingredients. We see tremendous opportunity to work with Steady State to help drive the expansion of their suite of turn-key services that will undoubtedly continue taking industries by storm.”