Open Book Extracts (OBX), a Roxboro, NC-based ingredient manufacturer and product development house for cannabinoid-enabled products, announced the close of an $11.5 million 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, the company stated.
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 CEO. “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 (current good manufacturing practice)-certified production operations offers one of the largest portfolios of cannabinoid isolates at 99-plus percent purity, including CBD, CBG, CBN, CBC and THCV. In addition, OBX provides formulation services and finished goods such as edibles, soft gels, 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.”
For more information, visit www.openbookextracts.com.