Funds to Accelerate the Advancement of Cannabinoid Research in Consumer Supplement Applications as well as Sleep Disorders and Destructive Neurological Diseases
Portland, Oregon--(Newsfile Corp. - June 22, 2023) - FloraWorks Holdings Inc. ("FloraWorks" or "Company"), a leading cannabinoid therapeutics company that specializes in rare and novel cannabinoids, announced the successful completion of a $2.25M Series-A financing round. The round was led by Bonaventure Equity LLC ("BVE"), a life sciences venture capital firm investing in cannabinoid and psychedelic discoveries, with participation from ArcView Group, a global leader serving the cannabis and hemp industry, along with a high-net worth individual.
This milestone follows the initial closing of the Company's Series-A financing with lead investor BVE in December 2022. FloraWorks is committed to exploring and developing new cannabinoids with the potential to address various unmet medical needs with promising discoveries in treating sleep disorders and dementia-related diseases. According to the "Cannabis Pharmaceuticals Market Size, Share & Trends Analysis Report by Brand Type (Sativex, Epidiolex), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), and Segment Forecasts, 2022-2028" report, the global cannabis pharmaceuticals market size is expected to reach USD 127.1 billion by 2028. The market is expected to expand at a CAGR of 104.2% from 2022 to 2028.
"We are proud to be trailblazers in the emerging field of biotech cannabinoid research and thrilled to have long-term-minded and value-added investors like BVE and ArcView Group who share our vision and commitment to developing compounds and formulas that will offer new solutions to patients with unmet medical needs," said FloraWorks CEO Alleh Lindquist. "These proceeds will help accelerate our pace of advancing our innovative, highly-specialized research. It will also help with the development of a pipeline of rare and novel cannabinoids for use in a wide variety of enterprise and consumer supplement applications as well as destructive neurological conditions such as sleep disorders and Alzheimer's Disease."
"We're excited to partner with Alleh and the FloraWorks team as we continue to look for companies that are way ahead of the market in terms of building pharmaceutical-quality products," said BVE Founder and Managing Partner Ross O'Brien. "FloraWorks is uniquely positioned to further its mission of bringing the benefits of cannabinoid therapeutics to people around the world and has been successful in expanding the cannabinoid consumer markets with high-quality efficacious products, while also successfully completing research studies with proprietary molecules in partnership with leading research organizations."
FloraWorks' proprietary processing technologies and extensive research and development efforts are aimed at making rare and novel cannabinoids viable for use in medical and therapeutic treatments. With the support of this investment, the company is well-positioned to continue its mission. For more information, visit https://flora-works.com/.
About FloraWorks
FloraWorks Holdings Inc. is a biotech enterprise that specializes in rare and novel cannabinoids, from discovery to commercialization. FloraWorks looks beyond THC and CBD to unlock the therapeutic potential of novel cannabinoids and make them viable through proprietary processing technologies, toxicology studies, and efficacy research.
About BVE
Bonaventure Equity, LLC is a life sciences venture capital firm investing in cannabinoid and psychedelic innovations. BVE partners with dynamic founders and management teams at the forefront of scientific breakthroughs on the path to commercialization.
About ArcView Group:
The ArcView Group is a vertically integrated company servicing the cannabis and hemp industry, built with social justice and responsibility at its core. ArcView has been a trusted global leader for over ten years and nexus for investors, companies, entrepreneurs, and the community, providing a broad spectrum of programs and services.
For media inquiries, please contact:
Ellen Mellody
570-209-2947
floraworks@mattio.com
###
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/170873
