LAFAYETTE — Front Range Biosciences Inc., an agricultural biotech company focused on high-value crops such as cannabis, announced Monday that it has raised $8.5 million from existing investors.

Those investors include  Militello Capital, Welcan Capital, AFI Capital, Phyto Partners, Harvard Business School Alumni Angels of New York, New York Angels, Sand Hill Angels XVI LLC, Arcadian Capital Management, Halley Venture Partners LP and Salveo Capital, according to a Front Range Biosciences news release.

The funding will help Front Range Biosciences expand its Clean Stock program, which uses tissue-culture technology to provide growers with genetically optimized hemp and cannabis plants.

The company’s latest fundraising round comes a month after the firm announced the acquisition of California-based cannabis genetics testing firm Steep Hill Inc.’s research and development team. 

“The continued global advancement of cannabis legalization is creating an opportunity for unprecedented growth and innovation in agriculture,” Front Range Biosciences CEO Jon Vaught said in a prepared statement. “The introduction of cannabis to the agricultural market as a new crop with medical, nutritional and industrial applications presents a unique opportunity for us to use modern biotechnology to provide sustainable solutions for farmers around the world.”