Dewey Scientific, a Pullman, Wash.-based agtech company advancing solutions for the cannabis industry, sold a warrant to purchase Series A preferred units to The Hawthorne Collective, Inc. for $3.2m.
The funding will be dedicated to the acquisition of equipment and to furthering genetics research and development (R&D) and other lawful purposes permitted under laws of the United States. The company will also be working with Selway Holdings, which plans to build a $1.8 million cannabis greenhouse, to secure use of the planned facility.
Dewey Scientific leverages genomics, data science, and classical breeding methods to improve the quality and genetic diversity of cannabis crops in the Pacific Northwest. Founded in 2018 by three plant scientists from Washington State University, including Chief Science Officer Dr. Mark Lange and CEO Jordan Zager, PhD., the company is already expanding its R&D efforts and advancing genetics for varieties focused on key traits, with the recent addition of an agronomist to oversee cultivation practices and additions at the C-Suite level. The Dewey Scientific team will also be boosting its scientific staff with new hires in the coming months to further enhance its R&D pipeline.
Dewey Scientific is also launching a franchise system to work with cultivators across the nation and license out Dewey Scientific genetics to share its success in other cannabis markets. The company also plans to continue developing marketing and brand guidelines to replicate across franchises and focus on intellectual property protections associated with its ventures.
Dewey Scientific also holds Dewey Cannabis, a direct-to-consumer small batch, high quality marijuana supplier in Washington state.
FinSMEs
17/08/2021