Poseidon Asset Management participated within the oversubscribed spherical. “Poseidon has been investing in cannabis and hemp since our first fund was launched back in 2014,” mentioned Poseidon Asset Management Managing Director, Morgan Paxhia. “Our capital has helped to create thousands of jobs and millions in tax revenues and we believe this economic energy is coming to the US industrial hemp industry. We have limited our exposure to US CBD as we saw too much money flooding into that space, but industrial hemp for textiles, automotive, construction, etc., are many multiples the size of CBD, with much greater plant utilization. BastCore has developed innovative industry leading technology capable of supporting and transforming massive industries. This is a great American story in the making.”
“Our investors understand the vast economic potential that industrial hemp will have on multiple industries,” mentioned BastCore CEO, Coleman Beale. “They recognize the value of BastCore’s leading decortication technology. It is exciting to see the investment community recognize the critical need to build a consistent, reliable supply chain. This investment gives us the necessary capital to considerably expand our production.”
The Montgomery, Alabama primarily based agency intends to make the most of the proceeds to additional improve its proprietary decortication and degumming expertise, rent new personnel & serve the overwhelming demand it’s seeing from the textiles market along with many different markets. “The addressable market opportunity is massive”, mentioned BastCore Managing Director, Austin Bryant. “Billion dollar opportunities are great, but when you have proprietary technology that can solve the processing issue for the farmers and help them monetize their product in addition to capitalizing on a trillion dollar market opportunity in terms of end consumer products, now you have my attention. We always say that we are building more than just a company here, we are building an industry.”
BastCore, which was based in 2014 makes a speciality of processing industrial hemp and has the chance to produce the uncooked materials for over 25,000 industrial use circumstances and functions. BastCore works carefully with all its companions to make sure product traceability and transparency. “Global supply chains are in the process of disruption. Our partners demand transparency and traceability. BastCore is extremely well positioned to capitalize on this trend, and we look forward to providing good manufacturing based jobs here in the US,” mentioned Beale.
BastCore buys hemp stalks and sells fiber merchandise, bridging the hole between farmers rising hemp and industries demanding cost-competitive, sustainably produced uncooked supplies. BastCore innovates utilizing hemp, a low enter, high-yielding crop, by reworking it into quite a few sustainable biobast merchandise. To study extra about BastCore go to https://bastcore.com/contact/.