Colorado cannabis biotech snags $10 million for expansion

A Colorado-based cannabis biotech firm announced Thursday that it has secured $10 million in private funding to accelerate production in California and Canada.

Front Range Biosciences of Lafayette said it plans to invest some of the money in investigating new strains of cannabis.

The company uses tissue-culture technology to make “plantlets” for both hemp and marijuana producers.

Front Range’s investors in the Series A round included Florida-based Phyto Partners and WelCan Capital of New York – both cannabis-focused venture capital funds – and Salveo Capital, an Illinois-based private equity fund.

Front Range also makes coffee rooting cuttings in California.