Omura Chief Praises Funding Efforts, Has High Hopes For Rest Of 2020

By Anthony Noto and Javier Hasse.

These days, investors are freezing up, and funding rounds are either getting delayed or canceled. So when Omura confirmed that former Canopy Growth CGC CEO and founder, Bruce Linton, took part in the company's recent $5 million venture capital event, Benzinga wanted to learn more.

"For sure it is a challenging time to raise money, however the Omura experience is clean and hygienic which is a very strong selling point in this market," Omura CEO Mike Simpson told us. "Furthermore, cannabis has been deemed an essential service in most states and has seen very strong sales, further strengthening the investment case for the industry."

Venice, California-based Omura is known for its vape technology. Users slide cartridges into the Omura chamber for what the company touts as a "smoke-free" experience.

Omura also plans to bring Linton into its ranks as a strategic advisor, hoping the cannabis veteran will bolster the company's position.

"Bruce was very engaged in our technology," Simpson added. "He asked many knowledgeable questions about our patents, the scalability of the business and my background in the heat-not-burn space."

Linton had been with Canopy from 2013, when it launched, to July of 2019. In addition to Omura, Linton is also a part of Vireo Health International Inc. VREOF, where he is executive chairman.

As for what's next for Omura, Simpson remains confident despite the cannabis market's limping along in the second quarter.

"Despite the global pandemic and the strain it is placed on virtually everyone, we are feeling cautiously optimistic about the [second half]," he said. "Situations like these force you to focus on what is most important and also what is most efficient."

Among the plans are a "ramping-up" of Omura's online presence, and bringing new THC and CBD brands onto the platform. New hardware and access via delivery are also in the works.

"There is nothing we can do to change the current market volatility," Simpson said. "However, we are working daily to ensure we are in the best position possible to grow, and we strongly believe our technology is bringing much needed innovation to the flower category."

Related Links:

Bruce Linton's 2020 Vision: Free CBD, Cannabis Opportunities In Europe, Legal Psychedelics

Bruce Linton On His Next Steps, Says 'I'm Cheering For Entrepreneurs'

Photo courtesy of Omura