Tissue culture technology company, Conception Nurseries has raised more than $15 million with the addition of approximately $12 million in its Series A round. The company said that the proceeds would be used to operationalize its facility in Sacramento, CA.
The raise was announced by Viridian Capital Advisors, who through broker-dealer, Pickwick Capital Partners, led the financing round.
Kevin Brooks, Conception’s CEO said, “Our focus at Conception is not only to provide a far superior plant when compared to traditional propagation but to do so at or below what it would cost a cultivator to do in house. The only way to achieve this is through scale and automation. We conducted a global search for partners to bring state-of-the-art, industrial agriculture technology to the U.S. cannabis industry. We thank the team at Viridian Capital for their hard work and perseverance in completing our Series A financing.”
Conception’s goal is to solve some of the cultivators’ trickiest problems by bringing tissue culture technology (micropropagation) to the cannabis industry. The company said in a statement that growers have been dependent on “mom plants” to produce “clones” that deliver inconsistent harvests with diluted and uncontrollable traits. “This results in cultivators being unable to accurately forecast production and end-users being unable to depend on a consistent experience. Tissue culture technology allows Conception to quickly mass-produce identical, disease-free plantlets with customized and consistent profiles. This reduces growers’ operational risks and costs while increasing yields. Conception’s plants will be sold at (or even below) what it costs cultivators to produce them in-house.”
Scott Greiper, President and founder of Viridian Capital, stated, “Conception Nurseries, led by its CEO, Kevin Brooks, is at the forefront of the adoption of tissue culture technology as the standard for cannabis cultivators. Conception’s technology, combined with Kevin Brooks’ track record as a growth-company CEO, is why we were excited to represent Conception as a Viridian client.”