Canadian bast fiber company raises $3.3M from angel investors
Industrial Hemp NewsInternational NewsMarijuana Laws, Regulations, & Politics June 5, 2020 MJ Shareholders 0
A Canadian company that makes natural nonwoven fibers says it has raised $3.3 million, mostly from angel investors, to help finish developing a proprietary processing plant in Europe.
Victoria, British Columbia-based Bast Fibre Technologies made the announcement this week, saying the investors are buying common shares and will get an equity stake in the company.
Bast fiber comes from the inner bark of the bast family group of plants, including hemp, flax, jute and kenaf. Nonwoven materials are made with fibers that are bonded with chemicals, solvents or heat.
Noel Hall, the CEO of Bast Fibre Technologies, said with the completion of a processing plant in Europe, the company will “make the transition from being an R&D company to now being an R&D and Commercialization company.”
The company is working on developing disinfectant cleaning wipes.
MJ Shareholders
MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers
No comments so far.
Be first to leave comment below.