Cannabis genetics startup LeafWorks nabs $1M Series A funding to combat mislabeling in the marketplace through DNA-based testing
In an industry rife with fraud, how do you know exactly what you are buying, selling or growing? That’s the problem LeafWorks is on a mission to address. LeafWorks is a female-founded genetics company specializing in plant identification, research and development for the cannabis, hemp and herbal industries. The startup supplies DNA identification kits and consulting services to the global botanical supply chain.
Today, LeafWorks announced it has closed $1 million in a Series A round to strategically scale its business and solidify its integral role within the B2B and B2C cannabis and herbal markets to become the standard third-party verification provider. The round was led by Bonaventure Equity, LLC (BVE), a Cannabis venture capital firm.
LeafWorks was co-founded in 2016 by CEO Eleanor Kuntz, PhD and CSO Kerin Law, PhD, specializing in plant identification, research, and development to protect and advance the cannabis, hemp, and herbal industries. LeafWorks Inc. helps cultivators continue to be leaders in their industry by providing plant DNA testing and services to help preserve their genetic IP, improve efficiency, and ultimately evolve their grow. LeafWorks Inc. is the exclusive DNA testing company partner of the non-profit Canndor Herbarium, the world’s first and only cannabis/hemp herbarium, which holds plant vouchers for hundreds of different cannabis/hemp plants accumulated by the cannabis community itself.
The company provides plant DNA testing for cannabis and herbal industries to ensure accurate labeling of products and combat fraud that is prevalent in the marketplace and has been difficult to prove until now. As one of the first companies to provide DNA testing in the cannabis industry that is from the cannabis community, LeafWorks is dedicated to ensuring that the people and organizations that built the US cannabis industry are equipped to protect their work and grow the market.
With third-party verification, LeafWorks Inc.’s present and future clients will be able to provide their customers and consumers with transparency in the crops they cultivate and the products they sell. LeafWorks Inc.’s rigorous scientific standards and commitment to the cannabis and herbal communities will ensure the veracity of product and plant identity across supply chains in these expanding markets.
“Bonaventure Equity’s commitment to social and environmental responsibility makes them the ideal partner to help scale our business,” said LeafWorks Inc.’s Co-Founder and Chief Scientific Officer, Kerin Law, PhD. “Aside from entrepreneurial expertise and capital, we appreciate BVE’s confidence that LeafWorks’ genetic technology will transform the exploding cannabis/hemp vertical into a more sustainable and transparent supply chain for all. This is the first step in our funding journey and we look forward to our future, continued growth.”