BRC raises $20 million in Series A to scale up operations

Biopharmaceutical Research Company BRC, an active DEA pharmaceutical cannabis license holder, has announced the completion of a $20 million Series A fundraise that will allow the company to scale its operations, conduct sponsored research and execute its go-to market strategy. The round is led by Intrinsic Capital Partners with participation from Argonautic Ventures, Achari Ventures, AFI Capital Partners, Delta Emerald Ventures, Self Health America SHAC and a number of preeminent family offices.

We were able to significantly advance our research capabilities, optimize our cannabis growing operation, and make novel cannabis-derived products in a federally compliant manner after receiving our DEA Schedule I registration in 2021. George Hodgin, CEO of BRC, said that this significant new financial infusion will accelerate our ability to grow as a business while establishing BRC as an industry leader. Intrinsic not only provides us with the cash we need to scale aggressively, but they also bring a wealth of experience in the pharmaceutical space. We are so grateful to the Intrinsic team and our other partners for seeing the high-growth potential of our work. In 2021, BRC was one of a handful of American companies that were awarded a production license from the DEA to produce clean, consistent, and compliant cannabinoids for federally approved researchers across the U.S. In recent years, BRC has partnered with academic institutions such as Washington State University and the University of California-Davis.

Howard Goodwin M.D, Intrinsic managing partner Howard Goodwin M.D said that the BRC has the kind of high-growth potential our fund looks for in a company. They are a mission-driven company with excellent leadership in a high-growth industry, and we are thrilled to have engaged with a company that is already in a very advantageous position because of their unique ability to be fully compliant with the DEA. BRC enters its Series A funding phase with an experienced team including Osagie Imasogie, senior managing partner at PIPV Capital, and the founder of GlaxoSmithKline Ventures NYSE: GSK. BRC also welcomes Steven Hoffman, former chair of the Massachusetts Cannabis Control Commission and Bob Sheroff, former global head of supply chain across multiple divisions of Johnson Johnson JNJ, to its Board of Advisors. Imasogie and Sheroff are both from Intrinsic's deep operating network.