SEATTLE--(BUSINESS WIRE)--SōRSE Technology Corporation (the “Company” or “SōRSE”), a leading water-soluble emulsion technology company, announces the completion of a $2M lead investment in its convertible note offering with private equity firm, Merida Capital Holdings. The investment will fund further innovation and scalability as SōRSE expands its offerings beyond cannabinoids. SōRSE anticipates completing the fundraising for this convertible note offering in May 2021.
SōRSE has prioritized developing and investing in a world-class team of industry thought leaders in R&D, Product Development, and Quality Assurance. The Company has over 60 employees, including a 30+ person R&D team, comprised of scientists and product developers with over 200 years’ aggregate experience in the food and beverage industry. With its patent-pending technology, SōRSE continues to improve the quality, consistency, and experience offered by infused food, beverage, nutraceutical, and personal care products. In the past year, SōRSE has added six new product offerings, while working on custom formulations and mobile production services, to better serve its 100+ clients. SōRSE’s current client base extends beyond North America to South America, Europe, Asia, and Australia.
SōRSE CEO Howard Lee commented: “We’re excited to join Merida’s prestigious portfolio, which includes other cannabis industry leaders we’ve collaborated with in the past such as New Frontier Data and Leafly. With Merida’s financing, SōRSE can continue our 100%+ year on year revenue growth. The relationship allows our Company to continue its mission to make cannabinoids and other functional ingredients more efficacious and accessible for the consumer.”
Merida Partner David Goldburg commented: “Merida is excited to lead this round of growth capital for one of the leading emulsion technology platforms in North America. With THC and CBD beverages poised for explosive growth, SōRSE is a clear market leader with best-in-class technology, the broadest array of product offerings, and the capability to customize solutions for any beverage type.”
About Merida Capital Holdings
Merida Capital Holdings (“MCH”) is a private equity firm targeting fundamental growth drivers underpinning the rapid development of the cannabis industry. MCH manages roughly US$450mm in assets across over 50 portfolio companies, including companies that hold licenses to operate cultivation, processing, and retail facilities in several limited license states. MCH’s investment emphasis focuses on cultivation technologies, products and services associated with the evolution of cannabis as an agricultural product, a natural plant-based medicine, a constituent in pharmaceutical formulations, and a recreational consumer product. MCH seeks to invest in companies that have successfully transitioned from start-up to revenue-generating growth companies. MCH works to further accelerate proven operating models and supercharge the growth of their commercial pipeline. By identifying essential providers with strong management teams, MCH can anticipate where enterprise-level or large industrial providers in related non-cannabis fields will look to find growth in their core businesses through acquisition or investment.
About SōRSE Technology
SōRSE Technology is a patent-pending water-soluble emulsion technology designed for infusing functional ingredients into beverages, food items, topicals, and nutraceuticals. SōRSE is designed for product developers to make oil-based functional ingredients water-soluble and more efficacious, while also providing the consumer with a consistent, safe, and enjoyable experience. SōRSE Technology powers more than 100 leading products and is available in North America, South America, Europe, Asia, and Australia.