US cannabinoid manufacturer Cirona Labs has closed an oversubscribed $1.5 million seed funding round, as it looks to expand its research and development efforts.
Cirona Labs produces cannabinoid and other functional botanical ingredients for infused product manufacturers.
Based in Geneva, New York, the company emulsifies oils to make them ‘highly stable’ and water compatible.
Cirona Labs says that it will use the proceeds from the round – which was led by LiDestri Food & Drink, BevSource and Sweetener Supply – to advance its research and development efforts.
In addition, the new capital will help Cirona Labs to expand its facilities and team, and will support a push to market and the strengthening of relationships with existing customers.
“As a newly launched company we are proud to see early market traction and reach this milestone so quickly,” said Hunter Friedland, CEO of Cirona Labs.
“It’s clear that the interest in creating products with cannabinoids and other plant medicine is continuing to increase and as a company focused on science and offering sustainable solutions to our customers, we are confident our high-quality products will speak for themselves in the industry.”
Janet Johanson, CEO and founder of BevSource, added: “I have watched the Cirona Labs team’s growth since the early stages of the company and have been truly amazed by the drive and dedication their team has demonstrated towards creating authentic ingredients for their customers.
“BevSource aims to provide a seamless process for customers to build, produce and deliver the best beverage possible and Cirona Labs operates with the same goals for their partners, allowing cross-team collaboration to operate with ease.”
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