Canadian CBD firm Trait Biosciences has completed an enormous funding round.
The company has raked in 31 million Canadian dollars worth of cash as it looks establish its market position.
Trait focusses on research project and developing new technologies for the production of high quality CBD products.
The company currently has more than 90 active patent applications pending for cannabinoid technologies.
The new funding will ‘accelerate the research and development necessary to commercialize Trait’s proprietary 2XGLY Water Soluble Cannabinoid technology’.
The company’s first product, set to be launched in 2022, the 2XGLY is a clear, tasteless and fully water-soluble CBD extract.
Btomorrow Ventures, the investment arm of British American Tobacco, led the funding round, the latest sign the tobacco industry is turning to cannabis as its own customer bases shrinks.
The tobacco industry is at a crossroads as consumers continue to turn away from cigarettes in favour of wellness products.
British American Tobacco’s share prices has halves after reaching a peak in May 2017.
Peter McDonough, Trait Biosciences CEO, said: “Trait is honoured to work with Btomorrow Ventures as a strategic investor to advance the commercialisation of our unique IP portfolio, beginning with Trait’s proprietary water-soluble CBD extract that is superior to nano-emulsion.
“Trait’s groundbreaking innovation will be a catalyst for developing safer and higher quality CBD infused beverages and other consumer products.”