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Naturally Advanced Technologies Inc. -- a company with exclusive license to commercialize an enzyme-treated hemp fabric -- has raised $1.98 million as part of a new stock offering on the Toronto Stock Exchange.
The Vancouver, B.C.-based company's common shares began trading July 8 under the symbol "NAT" on the Canadian stock market's venture exchange, created to provide venture companies with access to capital while protecting investors.
Naturally Advanced Technologies has strong ties to Portland. Ken Barker, a partner at Portland's The Meriwether Group venture capital firm and former head of apparel for Adidas America, has for two years served as CEO of company.
The company wants to bring new hemp fabrics and other hemp-based products to market.
As part of the deal, the company issued about 1.5 million common shares of stock at $1.35 each, representing slightly more than 5 percent of the company's common shares outstanding.
For years, fast-growing and water-wise hemp has been touted as a sustainable alternative to cotton, arguably the most toxic crop on the planet and one of the most water-intensive.
Hemp-based fabrics have historically lacked the softness and versatility of combed cotton. However, Canadian scientists invented an enzyme treatment process to give hemp fibers the same softness as cotton, plus new versatility that means hemp could ultimately replace carbon fiber or fiber glass in certain consumer products.
Naturally Advanced Technologies has obtained an exclusive 20-years license for the process and its product, which it has started marketing under the name Crailar.
Barker and David Howitt, Meriwether Group co-founders, have invested more than $1 million in the enterprise, including their personal funds and investments from their venture fund. The company expects to send its first organic and hemp-based Crailar fabrics into production in the first quarter of 2009, with hopes of hitting the market in fall 2009.
In addition to soft, simple fabrics for garments such as T-shirts, Naturally Advanced Technologies is developing a line of hemp-based performance fabrics that it hopes to wholesale to sports apparel companies, where Barker and Howitt have strong connections.
They hope to deliver those products to market in spring 2010.
Newshawk: JohnnyPotSmoker: 420 MAGAZINE ® - Medical Marijuana Publication & Social Networking
Source: Portland Business Journal
Copyright: 2008 American City Business Journals, Inc.
Contact: Portland Business Journal: Contact Us
Website: Naturally Advanced Technologies lands on Toronto Stock Exchange - Portland Business Journal
The Vancouver, B.C.-based company's common shares began trading July 8 under the symbol "NAT" on the Canadian stock market's venture exchange, created to provide venture companies with access to capital while protecting investors.
Naturally Advanced Technologies has strong ties to Portland. Ken Barker, a partner at Portland's The Meriwether Group venture capital firm and former head of apparel for Adidas America, has for two years served as CEO of company.
The company wants to bring new hemp fabrics and other hemp-based products to market.
As part of the deal, the company issued about 1.5 million common shares of stock at $1.35 each, representing slightly more than 5 percent of the company's common shares outstanding.
For years, fast-growing and water-wise hemp has been touted as a sustainable alternative to cotton, arguably the most toxic crop on the planet and one of the most water-intensive.
Hemp-based fabrics have historically lacked the softness and versatility of combed cotton. However, Canadian scientists invented an enzyme treatment process to give hemp fibers the same softness as cotton, plus new versatility that means hemp could ultimately replace carbon fiber or fiber glass in certain consumer products.
Naturally Advanced Technologies has obtained an exclusive 20-years license for the process and its product, which it has started marketing under the name Crailar.
Barker and David Howitt, Meriwether Group co-founders, have invested more than $1 million in the enterprise, including their personal funds and investments from their venture fund. The company expects to send its first organic and hemp-based Crailar fabrics into production in the first quarter of 2009, with hopes of hitting the market in fall 2009.
In addition to soft, simple fabrics for garments such as T-shirts, Naturally Advanced Technologies is developing a line of hemp-based performance fabrics that it hopes to wholesale to sports apparel companies, where Barker and Howitt have strong connections.
They hope to deliver those products to market in spring 2010.
Newshawk: JohnnyPotSmoker: 420 MAGAZINE ® - Medical Marijuana Publication & Social Networking
Source: Portland Business Journal
Copyright: 2008 American City Business Journals, Inc.
Contact: Portland Business Journal: Contact Us
Website: Naturally Advanced Technologies lands on Toronto Stock Exchange - Portland Business Journal
