First License For Concentrated Cannabis Manufacturing in California Granted By City of Richmond

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PRNewswire-07/21/16

The Richmond City Council voted unanimously to grant the first license for the legal manufacture of concentrated cannabis in California to Indigo Therapeutics, a legal cannabis company owned by Landrace Venture Fund. The license allows Indigo to begin producing cannabis concentrates immediately in quantities that make the company the state’s largest manufacturer of concentrates.

“We’re thrilled about the opportunities this license opens to provide medical marijuana patients with legal, consistent, and pure concentrates and edibles,” said Joe Hawayek of Indigo Therapeutics.  Cannabis concentrates and edibles are the largest and fastest growing segments of the cannabis market. “Consumers will now be able to trust that their products are pure, consistent, and of the highest quality,” said Hawayek.

Indigo Therapeutics will operate a state-of-the-art CO2 extraction and refining laboratory in Richmond, California to manufacture concentrated cannabis. Professional extraction and refinement establishes product purity, safety, and dosage control and promises to be the most valuable link in the supply chain for legal cannabis.

“We are excited that Landrace Ventures and Indigo are leading the way in Richmond,” said the Mayor ofRichmond, Tom Butt.  “With the California legislature clarifying the State’s legal context for cannabis cultivation and product manufacturing last year, cities can now proceed to issue permits for such operations without risk,” Mayor Butt said.  “These businesses, when properly regulated and operated in designated locations, can be low impact and provide good jobs and revenue for the City of Richmond.”

“We have worked closely with the City of Richmond and other local and state officials to ensure that all communities are heard and satisfied,” said Hawayek.  “Our goal is to bring professionalism to the marketplace and be the standard of quality and consistency.”

Landrace Venture Fund was established earlier this year to invest in legal and scalable cannabis infrastructure.  “We’re looking carefully for opportunities in the medical and recreational markets,” saidScott Lucas, one of the Fund’s founding partners.  “We see enormous potential for refined, quality-controlled cannabis in pharmaceuticals for chronic pain management, sleep, diet, epilepsy, arthritis, and as an alternative to overprescribed opioids.”

About Landrace Venture Fund
Landrace Venture Fund is a California-focused investment fund that capitalizes on emerging opportunities to create the infrastructure necessary for a viable and growing market for legal cannabis.  @landraceventure

About Indigo Therapeutics
Indigo Therapeutics is a research, development and manufacturing leader of cannabis-based therapies and products in California.  On July 19, 2016, it was granted a license by the city of Richmond California to manufacture concentrated cannabis. It is the only company to have been granted such a license in the state of California.

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