Roxboro cannabis startup Open Book Extracts hires 3 execs after raising $11.5M

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Open Book Extracts,a provider of cannabinoid-enabled health and wellness products, is adding three executives, including Nicole Lemus, as chief revenue officer. The moves come after OBX closed on a Series B funding round of $11.5 million.

Lemus joins the company after serving as chief growth officer at Vit-Best Nutrition, which provides manufacturing solutions for the nutritional supplement industry, and the vice president of sales at Prinova, an ingredient distributor.

The Roxboro-based company is hiring two additional executives to support growth.

Andrea Groncy joins the company as the senior director of project management and sales, having most recently served as the senior director of sales and project management at Vit-Best Nutrition. Brad Jones joins the company as technical sales manager, after serving as vice president of technical sales and director of production at Folium Biosciences.

OBX Sales Leadership Additions. Image provided by Open Book Extracts.

The hires come at a time of growth, said Dave Neundorfer, the co-founder and CEO, noting that the goal of the company is to be the global leader cannabinoid-enabled health and wellness products.

The fundraising round of $11.5 million was co-led by Nortecapital and KEY Investment Partners.  A prior $6 million Series A fundraising round enabled the company to acquire Chilmark Labs, which conducts cannabinoid research and development and is also a manufacturer of cannabinoid products, in June 2020.

In August 2020, the company expanded operations into South Africa, signing an agreement to become the principal distribution partner of Peter Bodill Agencies (PTY) LTD of South Africa, and noting at the time that the South African market represents a “$6.4 billion market opportunity” for cannabis.

Original Source: WRAL TechWire