Toronto-based cannabis industry leader Trait Biosciences Inc. (Trait) announced that it has closed an oversubscribed private placement seed financing totaling C$12.3 million (US$9.5 million), and added to its executive leadership team.

Investors in the round include Green Acre Capital, CannaIncome Fund, and  senior executives from many of Canada’s largest licensed producers. Proceeds from the financing will be used, among other projects, to invest in continuing research and patent creation, as well as construct a second research laboratory in Toronto, Canada.

Trait develops critical technologies that offer breakthroughs for consumers and producers in the cannabis industry under the direction of Dr. Richard Sayre, who has been recognized as one of the “top five crop researchers who could change the world”.

Expanding the Team

In addition to naming Joseph del Moral as the company’s new CEO, Trait also announced the appointments of Hannan Fleiman as president, and Ronan Levy as chief strategy officer. del Moral replaces co-founder Kimberly Harrison, who is moving into the newly-created position of chief development officer.

Prior to Trait, the three new executives founded Canadian Cannabis Clinics and CanvasRx Inc., and have been active investors and advisors in the industry.

“It is exciting to be part of Trait,” said del Moral. “The technologies Dr. Sayre’s science team has developed are game-changing and immediately relevant. From the first efficient and scalable platform to produce water-soluble, full-profile cannabinoids, to the yield-enhancing “Super Producer” technology combined with its RNAi plant protection technology — all backed by a robust patent portfolio — Trait is going to play a significant role in the development of the cannabis industry.”

-Michelle Pelletier Marshall

Michelle Pelletier Marshall is the managing editor for Global AgInvesting’s quarterly GAI Gazette magazine and a frequent contributor to GAI News. She can be reached at mmarshall@globalaginvesting.com.