Nalu Bio, a producer of synthetic cannabinoids, said it raised $12 million in a Series A funding round led by Intrinsic Capital Partners, a Pennsylvania-based investment firm focused on life science and technology businesses in the legal marijuana and hemp industries.
The investment in the San Francisco-based company, announced in a Tuesday news release, comes amid a tough stretch of raising capital in the hemp and marijuana sectors, where deals are in short supply and terms costly.
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State regulators are also taking a much more stringent view on cannabinoids, with Connecticut, Virginia and Utah cracking down on the production and sale of delta-8 products and their derivatives.
Lawmakers in West Virginia are also proposing a ban on products containing delta-8 THC.
Other backers in the funding round include Flybridge Capital Partners, Portfolia Active Aging & Longevity Fund, Bonaventure Equity, L37 Ventures, Golden Seeds, Sacramento Angels, Brown Angel Group
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