Open Book Extracts (OBX), a Roxboro, NC-based ingredient manufacturer and product developer of cannabinoid products including CBD, announced the close of an $11.5 million Series B equity financing round through its parent company Steady State. This round of funding, co-led by Nortecapital and KEY Investment Partners, is considered by Open Book Extracts to be a resounding vote of confidence for the company and its position as an industry-leading manufacturer of cannabinoid products.
 
OBX reports that the financing will be used to accelerate safety and efficacy research, scale operations up, and support international distribution opportunities.
 
“We’re excited to bring Nortecapital and KEY Investment Partners into the OBX family and welcome back our long-term partners that have supported our company’s mission from the very beginning,” Dave Nuendorfer, CEO of OBX, said. “We’ve been committed to the development of best-in-class cannabinoid products and services, which has resulted in impressive growth, customer loyalty, and now, with this round, expanded scale, an enhanced global reach, and scientifically-backed cannabinoid formulations.”
 
OBX’s cGMP-certified production operations offers a portfolio of cannabinoid isolates at 99% purity which includes the cannabinoids CBD, CBG, CBN, CBC, and THCV. Additionally, OBX provides formulation services and finished goods such as edibles, softgels, tablets, tinctures, pet products, and topicals.
 
OBX is a member of the European Industrial Hemp Association (EIHA) and its Novel Foods Consortium, and has a growing client base throughout Europe. The company also supports global brands through OBX Asia, with headquarters in Hong Kong and South Africa through Peter Bodill Agencies, Ltd., its principal distribution partner on the African continent. Through relationships with Nortecapital, the company intends to expand in Mexico and Latin America.
 
“OBX’s product quality is unmatched across the cannabinoid industry, as exemplified by their consistent growth and dedicated global consumer base,” Nortecapital’s board designee, Gabriel Senior, said. “Over the past two years, OBX has built a best-in-class team to deliver product excellence, and we are eager to support their distribution efforts throughout Mexico and Latin America.”
 
“We are delighted to have the opportunity to work with OBX CEO Dave Neundorfer, OBX president Oscar Hackett, and the outstanding team at Steady State,” Tiby Erdely, founding partner of KEY, said. “The Steady State team brings decades of operational expertise from various industries to the emerging cannabis industry which has historically been challenged for lack of a trusted and reliable source and supply chain for top-tier ingredients. We see tremendous opportunity to work with Steady State to help drive the expansion of their suite of turn-key services that will undoubtedly continue taking industries by storm.”