As demand soars for product innovation and exceptional customer experience, the funding will expand finished goods manufacturing capabilities, support research studies, and accelerate international distribution opportunities
ROXBORO, N.C., April 6, 2022 /PRNewswire/ — Open Book Extracts (OBX), providing high quality cannabinoid ingredients, concept-to-market formulation services, and finished goods manufacturing for the industry’s leading brands, announced the first close of a Series C equity financing round. This round of funding, led by KEY Investment Partners, is a resounding vote of confidence in the Company and positions the Company to continue providing top tier quality and service to its quickly expanding client base. 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 Partners, 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 said. “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-sf. research and production facility near Durham, North Carolina. NSF International is recognized as the gold standard for public health and environmental safety for global public health organizations. 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.
“This is a watershed moment for OBX as it goes into hyper growth mode. We are motivated by the continued support from KEY Investment Partners, and the rest of our broad investor community,” said Dave Neundorfer, OBX CEO. “We are on a mission to equip the customers of today and tomorrow with the products and services they need to not only survive but thrive in this dynamic industry. This new investment enables OBX to further strengthen our operations as well as continue to invest in the research that will define the future of the category.”
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. For companies interested in partnering with OBX, please contact [email protected].
About Open Book Extracts
Headquartered in Roxboro, N.C., Open Book Extracts is an NSF-certified manufacturer of premium plant-based cannabinoid products, aiming to be the industry’s true north by delivering premium products, exceptional service, and industry-leading transparency. With control of the entire supply chain, a state-of-the-art extraction campus near North Carolina’s Research Triangle, proprietary refinement and conversion methods backed by a growing IP portfolio, and a team of PhD chemists and seasoned business leaders, OBX is the trusted partner for global brands seeking to enter the marketplace.
For more information, visit https://openbookextracts.com/.
About KEY Investment Partners
KEY Investment Partners is an investment management firm focused on providing growth capital to early-stage cannabis companies. The firm invests opportunistically across all sub-sectors of the cannabis industry, with the intent of identifying high-growth, market-leading companies that are backed by exceptional management teams. KEY is headquartered in Denver, CO – the most established and mature legal cannabis market in the US – positioning the firm at the forefront of the most exciting trends and developments in the space.
For more information, visit https://keyinvestmentpartners.com.
SOURCE Open Book Extracts