Cannabis biotech firm Front Range Biosciences raises $3M

LAFAYETTE — Front Range Biosciences, an agricultural biotech company that specializes in high-value crops such as cannabis, has raised $3 million in funding.

The funding will go to scaling Lafayette-based Front Range Biosciences’ processes and an expansion into California and other states where cannabis use is legal.

Investors in this round of funding include Canopy Boulder, Phyto Partners, Salveo Capital, Sand Hill Angels, HBS Angels of NYC, NY Angels, Halley Venture Partners and Antill Ventures.

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“Canopy is excited to make a follow-on investment in the exceptionally strong FRB team. The company has successfully executed on its plan from day one under the outstanding leadership of Jon Vaught and Nick Hofmeister,” said Micah Tapman, managing director at Canopy Boulder, in a prepared statement. “The cannabis industry raises a number of challenges for all businesses so the quality of the leadership team is of paramount importance when evaluating investment opportunities…. Simply put, this is a great opportunity and we are proud to be a part of the team.”

Front Range Bioscience uses tissue culture cloning to solve for issues cannabis crops can face, like disease or inconsistency. The company is also mapping cannabis genetics to develop relevant traits in plants like disease resistance and high yields of oil and resin.

This is not the only major round of funding Front Range Biosciences has received. In March, the firm raised $1.5 million.