Open Book Extracts announced the first close of a Series C equity financing round led by KEY Investment Partners. The financing will be used to expand finished goods manufacturing capabilities, to support ongoing and new safety studies and efficacy research and to accelerate international distribution opportunities.
With their leading position in the Series C round, Tiby Erdely, founding partner of KEY Investment will join the company's board of managers. Erderly has more than 10 years of experience structuring and leading investment opportunities in the hemp/cannabis space and other industries.
"We have been exceptionally impressed with the OBX team, their vision, and their commitment to operational excellence for the next generation of cannabinoid consumer products," Erderly stated. "OBX's innovative approach provides their clients access to quality ingredients, efficacious formulations, and leading technologies, as well as deep-rooted expertise spanning product development, operations, and manufacturing. We are excited to be partnering with this team as they continue on their path as both the pioneer and the industry leader."
OBX recently achieved 455-2 GMP certification from NSF International at its 76,000 square feet research and production facility near Durham, North Carolina.
OBX holds numerous other accreditations including USDA Organic Certification and Kosher Certification. In addition to its broad selection of cannabinoid ingredients, OBX offers concept-to-market formulation and manufacturing services, leveraging leading water-soluble technology and unique delivery mechanisms to help its clients bring to market a wide range of finished goods, from core softgels, capsules, and gummies, to orally dissolving tablets, tongue strips, and aerosol sprays.
OBX achieved close to 4x year-over-year growth from 2020 and 2021, and expects to more than double again in 2022.
The Series C equity financing round is open for a second close in May 2022. Active conversations are underway with strategic partners in the tobacco, beverage, nutraceutical, and cannabis industries, along with a handful of financial sponsors.
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