Tuesday October 29, 2019 0 comments
DENVER -- Cannabis brand 1906 today announced it closed $18 million in its most recent capital raise.
The round was led by Navy Capital and included a range of institutions, high net worth individuals and 1906's existing investors.
1906 said it will use the investment to fund the company's launch in the additional states of Illinois, Massachusetts, and Michigan.
"Navy Capital's investment in 1906 reflects our belief that it is one of the best brands in the country," said Sean Stiefel, a Navy Capital portfolio manager.
"We are very impressed with the company whose fast acting formulations represent the cutting-edge of cannabis. Our investment will help 1906 become one of the leading brands in the new adult use markets of Illinois, Massachusetts and Michigan."
1906 just released Drops, pressed tablets (or pills) that represent the new frontier in cannabis medicine. Developed after years of research and testing, Drops are the only pill on the market to combine medicinal cannabis with plant medicines for targeted effects.
Like all 1906 products, Drops employ a patented fast-acting technology that uses lipid microencapsulation for rapid onset (under 20 minutes), the fastest technology in the industry.
1906 Drops combine highly effective plant medicines with a low dose of THC plus CBD to create a suite of portable, discreet, vegan, and zero calorie medicinal formulas in a familiar user-friendly format for daily remedies -- a swallow-able coated pill.
"With Drops, cannabis medicine has finally arrived,” said Peter Barsoom, 1906 founder.
“For far too long, consumers and patients have had to rely on smoking cannabis in order to get fast onset time and specific effects. After years of R&D, we have finally brought a healthier, more effective product to the cannabis marketplace.
“And for the first time, we've introduced a new experience for cognitive enhancement, Genius, which we believe will finally kill the Reagan-era propaganda that cannabis is brain-dulling."
1906 said its Drops come in six fast-acting, plant-based experiences, each formulated with THC, CBD, and adaptogens/herbs to create enhancements for energy, arousal, relaxation, sleep, focus and mood.