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US (NY): Tissue culture company raise more than $15M

Conception Nurseries raised more than $15M with the addition of approximately $12M in its Series A round. "The proceeds will be used to operationalize the Company’s state-of-the-art facility in Sacramento, CA," the team with the company explains. 

Viridian Capital Advisors, through broker-dealer, Pickwick Capital Partners, led the financing round.

"Conception is an early leader solving some of cultivators’ trickiest problems by bringing tissue culture technology (micropropagation) to the cannabis industry," they further explain. "To date, growers have been dependent on “mom plants” to produce “clones” that deliver inconsistent harvests with diluted and uncontrollable traits. This results in cultivators being unable to accurately forecast production and end users being unable to depend on a consistent experience. Tissue culture technology allows Conception to quickly mass produce identical, disease-free plantlets with customized and consistent profiles. This reduces growers’ operational risks and costs while increasing yields. Conception’s plants will be sold at (or even below) what it costs cultivators to produce them in-house."

Scott Greiper, President and founder of Viridian Capital, stated, “Conception Nurseries, led by its CEO, Kevin Brooks, is at the forefront of the adoption of tissue culture technology as the standard for cannabis cultivators. Conception’s technology, combined with Kevin Brooks’ track record as a growth-company CEO, is why we were excited to represent Conception as a Viridian client.”

Kevin Brooks, Conception’s CEO, commented, “Our focus at Conception is not only to provide a far superior plant when compared to traditional propagation, but to do so at or below what it would cost a cultivator to do in house. The only way to achieve this is through scale and automation. We conducted a global search for partners to bring state-of-the-art, industrial agriculture technology to the U.S. cannabis industry. We thank the team at Viridian Capital for their hard work and perseverance in completing our Series A financing.”

For more information:
Conception Nurseries
conceptionnurseries.com  


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