Funding fuels international expansion, supports research studies, and expedites the launch of new products and services for additional scale.
ROXBORO, N.C., June 02, 2021 (GLOBE NEWSWIRE) — Open Book Extracts (OBX), a Roxboro, NC-based leading ingredient manufacturer and product development house for the industry’s most innovative and highest quality cannabinoid-enabled products, announced the close of an $11.5M Series B equity financing round through its parent company Steady State. This round of funding, co-led by Nortecapital and KEY Investment Partners, is a resounding vote of confidence for OBX and its position as an industry-leading manufacturer of trusted cannabinoid products.
According to OBX, 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’s cGMP-certified production operations offers one of the largest portfolios of cannabinoid isolates at 99%+ purity, including CBD, CBG, CBN, CBC, and THCV. In addition, OBX provides formulation services and finished goods such as edibles, softgels, tablets, tinctures, pet products, and topical products.
As a member of the European Industrial Hemp Association (EIHA) and its Novel Foods Consortium, OBX serves a rapidly growing client base throughout Europe. OBX also supports global brands through OBX Asia, with headquarters in Hong Kong, and in South Africa through Peter Bodill Agencies (PTY) LTD, its principal distribution partner on the African continent. Now, the opportunity for expansion in Mexico and Latin America through Nortecapital’s relationships will accelerate OBX’s continued global growth.
“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 said, “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.”
For more information about OBX and its manufacturing services and capabilities, visit https://www.openbookextracts.com.
About Open Book Extracts
Headquartered in Roxboro, N.C., Open Book Extracts is a cGMP-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. OBX Asia, with its headquarters in Hong Kong, provides strategic guidance and on-the-ground support for our Asia customers.
OBX’s cGMP-certified productions operations are led by a seasoned science team, including a PhD food scientist from Cornell, a PhD organic chemist from the University of Nevada, and two masters chemists with pharmaceutical backgrounds, including a quality control director who joined OBX after a 15-year career as an analytical chemist at GlaxoSmithKline. OBX offers one of the largest portfolios of cannabinoid isolates at 99%+ purity, including CBD, CBG, CBN, CBC, and THCV, as well as formulation services and turnkey finished good manufacturing including edibles, softgels, tablets, tinctures, pet products, and topical products.
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About Nortecapital
NORTECAPITAL is a professionally managed family office investing across the Americas in promising companies with growing markets and great management track record.
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/.
