New West Genetics raising $800K to ramp up industrial hemp marketing, R&D

FORT COLLINS — New West Genetics LLC has raised half of an $800,000 funding round that the company plans to use to ramp up sales and marketing, as well as continue research and development of different varieties of industrial hemp.

Founded early last year, the Fort Collins-based company will sell the flower from its first crop this summer to local companies that will extract the cannabinoids out of it to make drinks, oils and edibles. But the company is also developing intellectual property around the genetics of industrial cannabis for uses in the pharmaceutical and agricultural markets. The goal is that…