EcoGen Laboratories Announces Closing of $40 Million Financing
GRAND JUNCTION, Colo., Jan. 28, 2020 /PRNewswire/ — EcoGen Laboratories (EcoGen), the leading vertically-integrated manufacturer and supplier of hemp-derived specialty ingredients, proprietary formulations, and private-label finished products in the United States, announced today the closing of a $40 million private placement.
We are very encouraged by the strong support we’ve received from the institutional marketplace. This investment is an important step forward that will allow us to further grow and expand our business.
Alexis Korybut, Co-Founder of EcoGen
Since inception in 2016, EcoGen has expanded rapidly, resulting in growth that exceeded $80 million in revenue for 2019. Poised to capitalize on a rapidly changing market, EcoGen has developed a growth strategy to support this recent raise which includes further developing facilities, focusing on research and development to increase product offerings, and expanding marketing and sales divisions to widen its global footprint.
“With engineering as a passion and also my background, the prospect of new innovation is what led me to this industry,” says Joseph Nunez, Co-Founder of EcoGen. “When we first started, we were on a mission to create a state-of-the-art process to produce exceptionally pure CBD that set the standard for the industry. We’re proud to say that goal was quickly achieved and this capital raise will allow us to expand that success into other verticals of the business.”
New technologies, advanced seeds and genetics, in addition to expanding private label finished goods, are also on the horizon for 2020.
To learn more about EcoGen Laboratories, visit https://ecogenlabs.com/.
About EcoGen Laboratories
EcoGen Laboratories (EcoGen) is the leading vertically-integrated manufacturer and supplier of hemp-derived specialty ingredients in North America. Using proprietary equipment, processes, and formulations, EcoGen has developed a broad range of the highest quality ingredients and customized formulations for a broad range of industries. Founded in 2016, EcoGen is the first seed-to-sale CBD manufacturer, known for manufacturing the purest CBD raw materials and finished products. The company is also a leader in international distribution with CBD isolate, water-soluble CBD (Nano), and THC-free CBD distillate. As the leader in hemp genetics, EcoGen promotes sustainable agriculture, using its proprietary processing and extraction technology to ensure the highest quality products at the lowest price making cannabinoids more accessible to the world.