Business
The Company That Got the License to Grow and Sell Weed from the DEA and DOJ Just Raised $20 Million
Biopharmaceutical Research Company got a unicorn license and just raised $20 million
Biopharmaceutical Research Company (BRC), a Monterey, California-based organization which holds a valid Drug Enforcement Administration (DEA) pharmaceutical cannabis license, in Series A funding raised a total of $20 million. Achari Ventures, Argonautic Ventures, AFI Capital Partners, Self Health America, Delta Emerald Ventures, and several distinguished private equities participated in the round, which Intrinsic Capital Partners spearheaded.
As a result, the company will be able to aggressively extend its operations, expand its product line, engage in sponsored research, and carry out its go-to-market plan.
Biopharmaceutical Research Company expanded its research capabilities rapidly, enhanced its cannabis growing business, and created innovative cannabis-derived products in a way that was compliant with federal regulations after obtaining the DEA Schedule I registration in 2021. According to George Hodgin, CEO of BRC, this huge additional financial investment will further improve the company’s ability to grow as an organization while positioning BRC as a market leader.”
In addition to giving BRC the money needed to snowball, Intrinsic also brings a wealth of knowledge about the pharmaceutical industry. George Hodgin added that BRC is incredibly appreciative of the Intrinsic team and all of its collaborators for understanding the significant potential of our project.
BRC was a select few American businesses given a production license by the DEA in 2021 to create safe, dependable, and legal cannabinoids for nationally recognized researchers. BRC has teamed up with university research organizations, such as the University of California-Davis and Washington State University.
According to Intrinsic Managing Partner Howard Goodwin M.D., BRC has precisely the tremendous potential their fund looks for in a firm. Howard added that Intrinsic Capital Partners is excited to work with a firm already in a favorable position because of its unique capacity to comply entirely with the DEA. They are a purpose-driven company with strong management in a high-growth market.
Biopharmaceutical Research Company Team
BRC enters its Series A investment round with a solid and seasoned team and is pleased to announce the addition of PIPV Capital’s Senior Managing Partner and owner of GlaxoSmithKline Ventures, Osagie Imasogie, to its Board of Directors. In addition, BRC welcomes to its Board of Advisors former Chair of the Massachusetts Cannabis Control Commission, Steven Hoffman, and Bob Sheriff, former Global Head of Supply Chain across numerous businesses at Johnson & Johnson. Image and Sheriff are both members of Intrinsic’s extensive operating network.
Hunter Land has been appointed Vice President of Translational Research as the BRC workforce continues to expand. Land formerly worked as a Vice President of Translational Research and Executive Board Member at Alterola Biotech. He has more than 18 years of R&D experience across 15 various indications and 10 years of experience in cannabinoid-focused research. He has created a pipeline of research work on more than 20 novel terpenes and cannabinoids as a specialist in the discipline of cannabinoid science.
About Biopharmaceutical Research Company (BRC)
Biopharmaceutical Research Company (BRC), led by CEO George Hodgin, is a DEA-registered botanical cannabis enterprise focused on the federally authorized manufacturing of active pharmaceutical ingredients and collaborative research and development.
The company aims to provide high-quality, federally authorized pharmaceutical active ingredients for plant-based medicines for researchers and patients worldwide. BRC has recently collaborated with university research institutes such as the University of California-Davis and Washington State University.
They can conduct all botanical API activities because they are a certified, federally authorized cannabis pharmaceutical company. They will also sponsor many researchers’ Investigational New Drug (IND) proposals to pursue cures for chronic pain, PTSD, and other medical conditions.
Intrinsic Capital Partners
Intrinsic Capital Partners is an investment company based in Pennsylvania that specializes in life science and technology companies in the legal hemp and cannabis industries. The Intrinsic team combines institutional investing discipline with world-class operational experience to establish and scale industry-leading firms that address neglected needs throughout the supply chain.
Intrinsic Capital Partners is a private equity investment firm that invests in promising, growing companies in the legal cannabis market. Their team has extensive experience in investing, regulatory, pharmaceutical, and deal structure. They are dedicated to generating value for portfolio business owners while offering excellent returns for our fund investors in collaboration with our world-class ecosystem of operating partners with years of expertise in establishing brands and businesses across the healthcare and consumer industries.
Intrinsic Capital Partners offers an operator-centric investment methodology to build a comprehensive portfolio of top cannabis and hemp companies. North Point Mergers and Acquisitions served as BRC’s private placement agent in the fundraiser, and Morrison & Foerster LLP served as legal counsel.
The Drug Enforcement Administration
The Drug Enforcement Administration (DEA) is a federal law enforcement organization of the United States Department of Justice tasked with fighting drug trafficking within the USA. It is the primary enforcement agency for the Controlled Substances Act in the United States, sharing concurrent authority with the U.S. Customs and Border Protection, Federal Bureau of Investigation, Customs Enforcement, and U.S. Immigration. The DEA is primarily in charge of coordinating and prosecuting U.S. drug prosecutions internationally and domestically.
The DEA maintains a registration system that allows anybody to manufacture, export, import, and market Schedule I drugs by submitting DEA form 225. Medical professionals, manufacturers, and researchers have access to “Schedule I” medications and Schedules 2, 3, 4, and 5 if licensed by the DEA. Authorized applicants file for and are awarded a “DEA number.”
A DEA number authorizes an entity to manufacture (drug firms), disseminate, prescribe ( nurse practitioners, pharmacists, doctors, and physician assistants, among others), research, or dispense (pharmacy) a prohibited substance. BRC was a select few American businesses given a production license by the DEA in 2021 to create safe, dependable, and legal cannabinoids for nationally recognized researchers.
Conclusion
With the latest $20M funding, Biopharmaceutical Research Company can rapidly expand its research capabilities, enhance its cannabis growing business, and create innovative cannabis-derived products that comply with federal regulations.