Led · Series B · Sep 2023

Neocannbio is a South Korean medical cannabis company backed by the Korea Institute of Science and Technology (KIST). It supplies food and cosmetics derived from cannabis cannabinoids and is actively pursuing cannabis-derived drug development with universities and CROs in Israel. The company completed a KRW 10 billion Series B that values it at around KRW 55 billion, bringing cumulative funding to KRW 15 billion in its second year. Neocannbio raised KRW 4.5 billion in a Series A last July at an approximate KRW 30 billion valuation. It plans to use the Series B proceeds to expand global sales of cannabinoid-based foods and cosmetics through a joint venture being established in Thailand and to accelerate its drug development programs. Management highlighted recent research showing efficacy for Alzheimer’s, a reported synergistic effect with liver cancer with an overseas patent filed, and joint research with HLB BioScience as it aims to become a leading cannabis company in Asia.