Dosist, a US-based provider of cannabinoid health products, has received $15m from Turning Point Brands (TPB), a New York-listed branded consumer products manufacturer.
Founded in 2016, Dosist has developed internationally patented dose-control inhalation technology for cannabidiol (CBD) and THC ingredients found in cannabis. It raised an undisclosed amount of series A funding from venture capital firm Plus Capital in September 2018.
The investment comes with an agreement that TPB will get exclusive co-development and distribution rights to a new national CBD brand created in partnership with Dosist’s THC-free business unit.
The proceeds of TPB’s investment will go to Dosist’s THC-free and Canadian business units and cannot currently be used in connection with any cannabis or cannabis-related activities in the United States.
TPB has an option to invest another $15m within the next year at undisclosed predetermined terms, and will also be able to take a seat on Dosist’s board of directors, should more comprehensive legalisation occur.
Larry Wexler, chief executive of TPB, said: “The cannabis market is exploding and now is the opportune time to invest in the space and significantly expand our addressable market.”
