PORTLAND, Ore. -- Phylos, a modern crop science company developing advanced cannabis and hemp genetics, announced the close of its growth funding round totaling $7.6 million, led by Merida Capital Holdings.
Other major investors in the round include Accomplice and Entourage Effect Capital. This infusion further validates a refreshed direction and executive team. Funds will be used in part to expand sales and marketing efforts for Phylos' market-validated cannabis and hemp genetics.
Mina Mishrikey, senior partner at Merida, will be joining the Phylos board of directors.
Leading towards industry growth and scalability, the new executive team will leverage proprietary research and technology to drive innovation in hemp and cannabis science and breeding. The team includes Ralph Risch (CEO), Alisha Holloway (chief scientific officer) and Dylan Anderson (chief financial officer).
"The cannabis industry, relying by and large on cloning techniques, has seen relatively little seed genetics development to date, and that is changing as we speak," Mishrikey said. "Phylos' next-generation technology will allow cultivators to grow healthier, more consistent crops with amplified, diverse cannabinoid and terpene profiles. We are confident that Phylos is at the forefront of this movement towards a healthier plant and a more sustainable industry."
During its restructuring, Phylos met several notable milestones at the 80,000-square-foot, state-of-the-art breeding, genomics and chemotype analysis facility it shares with its cultivation partner Progressive Plant Research (PPR). This includes the development of dozens of novel cultivars and discovery of genetic markers for numerous high-value cannabis and hemp traits. The company has expanded its flagship AutoCBD autoflower hemp seed to four varieties and has developed ground-breaking low-touch, high-yield, and disease-resistant early maturation cannabis seed genetics for commercial-scale grows.
"The future of cannabis cultivation is in elite genetics and F1 hybrid seeds," Risch said. "Cannabis and hemp production across the U.S. is rapidly scaling to meet the needs of consumers seeking affordable, consistent, and memorable experiences. High-quality, stable genetics that increase the productivity of each square foot of licensed canopy with fewer touches of the plant are now a requirement. We are passionate to prove how stable genetics create a foundation for products across the industry."
Phylos will continue its commitment to collaborate with breeders through royalty-bearing licensing deals to ensure they're fairly compensated for their dedication to the advancement of cannabis and hemp, protecting IP to promote innovation and support funding research to further knowledge of the cannabis genome. The company also provides no-cost technology licensing for academic institutions and non-profits, specifically for research purposes.