Agtech startup Dewey Scientific raises $ 3.2 million to advance cannabis industry innovations
Dewey Scientific, the Pullman, Wash., Agtech startup that leverages genomics, data science and more to improve the quality and genetic diversity of cannabis crops, raised 3.2 million dollars in new funding.
The Series A money announced on Monday comes from The Hawthorne Collective, a new cannabis industry investment arm of Scotts Miracle-Gro.
Dewey plans to use the funds to acquire new equipment and expand its research and development activities. The company will work with Selway Holdings to secure the use of a planned $ 1.8 million cannabis greenhouse.
The startup, which provides scientific services to cannabis growers as well as exclusive cannabis genetics, was founded in 2018 by three plant scientists with doctorates from Washington State University. Dewey CEO Dr Jordan Zager and co-founder Dr Paul Mihalyov studied at the WSU under the guidance of Dr Mark Lange, who is Dewey’s scientific director. Lange is known as an expert on terpenes, which are fragrant compounds secreted by plants that may play a role in the effects that different varieties of cannabis have on humans.
Zager said in a press release that the company is planning a new franchise system to work with growers across the United States and license its genetics.
Dewey Scientific previously raised $ 1.25 million in a funding round in October 2019. The company employs 16 people and plans to strengthen its scientific workforce in the coming months.