Dallas-Based Corganics Receives Series A Funding To Accelerate Delivery of Clinical Cannabinoid Products to Healthcare Providers ”Dallas Breaks New Ground
The CBD market is booming, with products bringing about $ 5 billion in the United States Last year. But according to Chad Collins, the retail market is littered with issues of quality, workmanship and transparency.
This is why he focuses on the health aspect.
Collins is one of the founders of Corganics, a Dallas-based provider of clinical cannabinoids for the healthcare industry. The startup directly connects professionals and patients, by offering biological therapeutic products that can replace or be combined with traditional pharmaceutical products.
Because, as Collins says, “patients deserve better. “
“Patients demand clean, safe natural products from healthcare professionals,” he told Dallas Innovates. “We provide healthcare professionals with a brand they can trust by helping to bridge the gap between healthcare provider and patient. “
Collins and his team have set themselves the goal of being the most trusted and recommended by healthcare professional clinical cannabinoid company.
To support what he calls Corganics’ “next chapter of growth”, the CEO announced today that the company has received a Series A investment from Altacrest Capital, a private equity firm based in Dallas. The amount of funding was not disclosed.
Altacrest is focused on consumer brands that are poised to pursue significant growth. The team’s hands-on approach is to collaborate with founders and management teams to grow.
“We are excited about the potential of clinical cannabinoid hemp therapies and strongly believe in the strategy of involving healthcare professionals to help differentiate quality from that of the retail industry.” Brien davis, an Altacrest partner, said in a statement. “The partnership with the dynamic team at Corganics is a testament to our belief that there is a gap in quality and transparency in the retail CBD market. ”
The funding will be used to expand Corganics’ clinical product portfolio, which should accelerate the team’s ability to reach healthcare providers. Collins says the capital will also help expand operations, business capabilities, and research and development.
“This investment is an exciting step in achieving our mission to provide effective clinical cannabinoid products that healthcare professionals and their patients can trust,” he said. “We look forward to expanding our operations to support this goal and build the most trusted clinical cannabinoid company recommended by healthcare providers. “
Bringing Confidence to CBD
The NIH defines cannabinoids as a group of substances found in the cannabis plant, the two main ones being THC and cannabidiol (CBD).
The state legalized the growth of industrial hemp and the sale of hemp-based products, like CBD oil, in 2019 with the passage of Texas House Bill 1325. And earlier this month, a bipartisan move of the Texas Legislature expanded the Texas Compassionate Use Program. House Bill 1535, signed by Governor Greg Abbott, allows doctors to prescribe low THC medical cannabis to all cancer and PTSD patients, and increases the legal amount of THC to 1%.
But Collins believes there are still too many manufacturing and quality inconsistencies in the retailing of CBD.
Corganics sells clinical cannabinoid therapy products that are third party tested in ISO certified laboratories and manufactured in a cGMP (Current Good Manufacturing Practice) compliant and NSF certified facility. Everything is scientifically formulated and recommended by a doctor.
According to the company, its products contain no detectable THC.
The business model is based on what Collins says is the purity demanded by the healthcare delivery network. Corganics’ portfolio, which includes clinical cannabinoid therapies and other natural products, can only be purchased through medical professionals.
According to co-founder Reggie Gatewood, the team saw an opportunity for medical professionals to enter the ever-changing and evolving conversation of CBD. “With one in five Americans purchasing retail CBD, alternative therapies like clinical cannabinoids are making waves in mainstream medicine,” he said.
With a lot of self-treatment, he and Collins wanted a way to deliver products with “the potency and purity” that the healthcare industry can support.
The company now operates clinical and consumer health divisions and distributes in the United States and other countries in the region.
With the new round of funding, Corganics also plans to expand education on cannabinoid treatments. Collins says the team is “keen to educate providers and patients about the importance of transparency in labels and quality ingredients” – ultimately, to silence the noise in the market.
“We will continue to leverage our expertise based on our deep heritage in pharmaceuticals to create successful healthcare brands with healthcare professionals,” Collins told Dallas Innovates. “We are uniquely qualified to bring a better quality and more transparent product portfolio to market, also creating clinical training platforms for healthcare providers. “
A rebranding and an acquisition
The funding announcement coincided with the introduction of the new name Corganics by the team. Formerly MD Farma, the company has changed its name to reflect its unwavering mission to help healthcare professionals become a trusted patient partner.
“Corganics is a testament to our strategy of bringing the highest quality natural products to market,” says Collins. “We are ‘organic down to our heart’. We focus on healthcare professionals which include MDs, DOs and Pharm Ds, resulting in a more professional name that resonates regardless of the specialty.
Corganics also announced the acquisition of Relief, a provider of natural, CBD-free topical pain relievers for a broad range of acute and chronic pain relief. The products are available from healthcare professionals such as oncologists, primary care providers, orthopedic surgeons, pain management specialists, podiatrists and chiropractors.
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