DENVER, Aug. 23, 2022 (GLOBE NEWSWIRE) — KEY Investment Partners today announced a $1.5 million investment in FARMACEUTICALRX™, a vertically integrated cannabis operator in the State of Ohio. The investment by KEY is a strong show of confidence for the Company’s approach to cannabis cultivation, processing and product development.
FARMACEUTICALRX (FRX) is the leading organic multi-state vertically integrated medical marijuana operator in the U.S. market. FARMACEUTICALRX is focused on bringing research and development-based innovation to the medical marijuana sector. FARMACEUTICALRX develops premium craft and innovative organic products under its existing FARMACEUTICALRX brand. FARMACEUTICALRX’s suite of sub-branded products in Ohio includes Burst of Wellness vape products, TreePharm vape and RSO products, Local Edibles chocolates and confections, CannaRocks sugar-free hard candy, and Open Mind organic, vegan and gluten free gummies, The company’s suite of sub-branded products in Ohio combines the premium organic and craft quality that FARMACEUTICALRX is known for, at competitive price points, expanding their reach to a broader demographic of patients. FARMACEUTICALRX is led by a world-class team of scientists, healthcare, organic food and beverage and cannabis industry professionals who are driven by the discovery, development, and manufacturing of premium organic craft products through the vertically integrated platform with the FARMACEUTICALRX of Ohio business. In addition to KEY’s capital investment, KEY Founding Partner Pete Karabas will join FRX’s Board of Directors alongside FRX Founder and CEO Rebecca Myers to assist the company with its strategic growth initiatives in 2022 and beyond.
“We’ve been very impressed with Rebecca and her team’s ability to consistently deliver high-quality, organic cannabis products at a competitive price to medical cannabis patients across the State of Ohio. In the relatively near future, we expect the state to develop a robust recreational program and believe FRX will play a key role in making that program a success,” Karabas said.
Using an organic cultivation method referred to as living soil cultivation, FARMACEUTICALRX grows cannabis following traditional organic practices that closely mimics Mother Nature’s optimal, natural conditions to produce premium organic craft medical marijuana products with every harvest. Plants are cultivated in living soil, and environmental conditions are obsessively monitored and controlled. These high standards enable the Company to reliably replicate the unique genetic profile of each cultivar to exacting standards, creating consistently high cannabinoid and terpene levels with each harvest. The FARMACEUTICALRX processing team then formulates products with a goal of allowing patients to achieve condition-specific relief, whether that be through live resin vape and concentrate products, solvent-less products, RSO or edibles products. FARMACEUTICALRX anticipates receiving final organic certification in Q4 of 2022.
“We are extremely gratified by the confidence KEY Investment Partners has demonstrated through its commitment to our future,” said Rebecca Myers, Founder and CEO of FARMACEUTICALRX. “The addition of Pete Karabas to our board will be instrumental as we continue to grow our presence across the State of Ohio.”
KEY Investment Partners has continued to deploy capital into the cannabis industry throughout several different verticals in 2022. Their investment in FRX is a reflection of KEY’s confidence in the continued growth of the cannabis industry even in the midst of challenging macroeconomic times.