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Concept Nurseries, a cannabis genetics company in Sacramento, California, raised $15 million and raised approximately $12 million in Series A financing to help scale up and automate operations.
According to the Green Market Report, the funding round was led by New York-based cannabis data group Viridian Capital Advisors and was promoted by broker-dealer Pickwick Capital Partners.
During the global coronavirus pandemic, this financing action attracted attention. Conception CEO Kevin Brooks said that the company’s goal is to help cultivators by introducing tissue culture technology (also known as micro-reproduction) into the cannabis industry.
Growers often rely on “mother plants” to produce clones. According to the company, these clones harvest inconsistent characteristics and are dilute and uncontrollable.
“This results in cultivators being unable to accurately forecast production and end-users being unable to depend on a consistent experience,” Brooks told Green Market Report.
“Tissue-culture technology allows Conception to quickly mass-produce identical, disease-free plantlets with customized and consistent profiles.”
Brooks said the company’s technology would increase the yield while reducing growers’ operational risks and costs.
Illinois’ cannabis sales exceed $47 million in June
Now, in Illinois, the state’s cannabis market reached US$47.6 million in June, a record high.
According to news media reports, the pharmacy sold 994,545 items last month, and the average customer’s pre-tax consumption was $48.
The Illinois Department of Finance expected to release tax data later this month, but it reported that the May marijuana tax and related business tax generated $12.5 million in revenue.
To date, Illinois has completed $52.7 million in cannabis taxation, exceeding the $28 million budget estimate. According to reports, since the sales of recreational cannabis began on January 1, the cannabis market sales have exceeded $239 million.
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