TORONTO, SEPTEMBER 25, 2018 / - PRESS RELEASE - Trait Biosciences Inc., a bio-technology company in the cannabis industry, has announced that it has closed an over-subscribed private placement seed financing totaling CAD$12.3 million.
Trait is developing technologies that offer breakthroughs for consumers and producers in the cannabis industry, with an internationally recognized science team led by Dr. Richard Sayre. Dr. Sayre has been recognized by Nature as one of the “top five crop researchers who could change the world.”
The funds will be invested in continuing research and patent creation, as well as the construction of a second research laboratory in Toronto, Canada.
Trait’s Consumer Division is developing enhanced cannabinoids to have improved taste, scent, onset, bioavailability and stability. It also has a proprietary process for generating water-soluble cannabinoids that does not rely on nanotechnology, solving a major barrier for cannabis beverages and edibles.
Trait's Producer Division is working with ultrahigh yield “Super Producer” cannabis plants that can generate dramatically greater yields and RNAi plant protection technologies that reduce the accumulation of toxins in cannabis plants without the need for pesticides or fungicides.
Three Executive Hires
These transformative technologies will be harnessed and brought to market by Trait’s newly appointed executive team, three proven leaders in the cannabis industry: Joseph del Moral, Hannan Fleiman and Ronan Levy. Mr. del Moral is taking over the role of CEO from Kimberly Harrison, one of Trait’s co-founders, who is moving into the newly created role of chief development officer. Mr. Fleiman is assuming the position of president and Mr. Levy as chief strategy officer. Mr. del Moral and Mr. Levy have also joined Trait’s board of directors.
Prior to Trait, the three new executives founded Canadian Cannabis Clinics and CanvasRx Inc. CanvasRx was acquired in 2016 by Aurora Cannabis Inc. Since then, Messrs. del Moral, Fleiman and Levy have been active investors and advisors in the industry, including Aurora.
“We are delighted that Joseph, Hannan and Ronan have joined the Trait executive team,” said Michael Harrison, Trait’s chairman. “It is a strong endorsement for what our scientific team has achieved since we launched a year ago. With the team's vision, experience and determination—supported by the funds from our recently completed financing—we are confident that Trait will become a dominant player and creative force in the cannabis industry.”
“It is exciting to be part of Trait,” said del Moral. “The technologies Dr. Sayre's science team has developed are game-changing and immediately relevant. From the first efficient and scalable platform to produce water-soluble, full-profile cannabinoids, to the yield-enhancing 'Super Producer' technology combined with its RNAi plant protection technology—all backed by a robust patent portfolio—Trait is going to play a significant role in the development of the cannabis industry."
“Over the last two years, we’ve had the opportunity to vet hundreds of cannabis companies and technologies,” said Levy. “For us to be joining the executive team at Trait and also to be leading the current investment round, speaks volumes to the profound and immediate impact we expect Trait to have on the industry.”
Trait Closes CAD$12.3 Million Seed Financing
Trait also announced that it closed a CAD$12.3 million private placement seed financing.
In addition to the incoming executive team, which led the financing, investors in the round include Green Acre Capital, CannaIncome Fund, and senior executives from many of Canada’s largest licensed producers. Proceeds from the financing will be used, amongst other things, to build a research facility in the Greater Toronto Area and grow Trait’s science team in Canada.
