Conception Nurseries Raises $12M For Sacramento Cannabis Facility
Conception Nurseries, a provider of tissue culture technology to the cannabis industry, has raised more than $15 million with the addition of approximately $12 million in its Series A round. The proceeds will be used to operationalize the company’s facility in Sacramento, California.
Viridian Capital Advisors, through broker-dealer, Pickwick Capital Partners, led the financing round.
Conception is an early leader solving some of cultivators’ trickiest problems by bringing tissue culture technology (micropropagation) to the cannabis industry. To date, growers have been dependent on “mother plants” to produce “clones” that deliver inconsistent harvests with diluted and uncontrollable traits. This results in cultivators being unable to accurately forecast production and end users being unable to depend on a consistent experience. Tissue culture technology allows Conception to quickly mass produce identical, disease-free plantlets with customized and consistent profiles. This reduces growers’ operational risks and costs while increasing yields. Conception’s plants will be sold at (or even below) what it costs cultivators to produce them in-house.
“Our focus at Conception is not only to provide a far superior plant when compared to traditional propagation, but to do so at or below what it would cost a cultivator to do in house,” said Conception Nurseries CEO Kevin Brooks. “The only way to achieve this is through scale and automation. We conducted a global search for partners to bring state-of-the-art, industrial agriculture technology to the U.S. cannabis industry. We thank the team at Viridian Capital for their hard work and perseverance in completing our Series A financing.”