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Post money valuation: $25 million Biggest funding round of 2020: $1 million raised in a convertible note deal. The company said it is looking to raise Series A funding this year. Total raised to date: $2 million What the company does: Abstrax is a California-based research firm that creates terpene profiles active chemicals in the cannabis plant for use in isolates, vaporizers, or even as food and beverage additives. Why investors like the company: Panther Opportunity Fund s principal Jordan Tritt says that Abstrax is pioneering consumer sensorial experiences in the cannabis industry. Their cutting edge research, development and formulations have the potential to revolutionize various consumer packaged goods products, he continued. ....
This story is available exclusively to Insider subscribers. Become an Insider and start reading now. Business Insider identified the top investment firms in the US cannabis industry, based on how much they ve invested in cannabis startups in 2020. The firms told us that they expect further consolidation in the industry, more established investors coming into the sector on the heels of cannabis legalization votes, and a bigger focus on investment in software and technology firms. This is the third edition of our list of the top investment firms in cannabis. You can read the lists for 2018 and 2019 here. After a tough year-and-a-half for the cannabis industry, the sector has found new momentum through increased pandemic-related sales and a raft of cannabis reform legislation in the US in the past few months. ....