ROXBORO – Open Book Extracts,a provider of cannabinoid-enabled health and wellness products, has reached $20 million in its Series B funding round, up nearly $10 million from in July, and could be on its way to $25 million if certain milestones are met.

In July, OBE added three executives, including Nicole Lemus, as chief revenue officer, after hitting $11.5 million in the round.

The corporate venture unit of BAT – Btomorrow Ventures (BTV) – led the round.

OBX also signed a scientific collaboration agreement for future research and development,

“The potential activities to be undertaken under the collaboration will focus on next generation cannabinoid ingredients, and may in the future include a review of the potential effects and benefits, and formulation science across product formats,” OBX said in the funding announcement made on Sept. 15.

Roxboro cannabis startup Open Book Extracts hires 3 execs after raising $11.5M

“Innovation is the cornerstone of OBX’s strategy, and the investment from and collaboration with BAT will accelerate the pace of innovation by orders of magnitude,” said Dave Neundorfer, CEO of OBX. “In BAT, we’ve found the ideal strategic partner who brings sophisticated management, innovative product platforms, an impressive dedication to research and development, deep consumer insights, and regulatory expertise. This is a tremendous milestone in our continued focus on developing products that work for the brands who care.”