A Nashville hemp startup is tapping the state’s former top entrepreneur for its board of directors.
Margaret Dolan, former president and CEO of Launch Tennessee, has been named the first independent board member at NuSachi Inc., according to a news release.
Dolan led LaunchTN from Oct. 2018 until June of last year, stepping down to "lead an early-stage company that is focused on innovations in impact investing," according to a statement at the time.
LaunchTN is a public-private partnership aimed at fostering the growth of new businesses in the state — and counts more than $1 billion of investments in early-stage companies since it was formed in 2012.
She is currently a Principal at Neil Strategies LLC, according to the release, which is an independent consulting practice. Prior to LaunchTN, Dolan worked as the managing director at AuthEX, president and CEO of LocalChares LLC, president and CEO of Saint Thomas Health Foundations and spent two decades at Ingram Industries, according to the release.
"We're beyond excited that a seasoned professional of Margaret's caliber shares our vision and has opted into our journey to optimize this powerful raw material and source of sustainability, health and wellness," Mark Montgomery, NuSachi cofounder and CEO, said in the release. "We're rapidly positioning our company for what the future will reward: high-quality organic hemp products made in Tennessee."
NuSachi offers hemp services such as white labeling and custom formulations to pharmaceutical, nutraceutical, pet, beauty, food and beverage companies, according to the release.
In October, the company raised a $1 million round of funding, according to a filing with the U.S. Securities and Exchange Commission, which said the company is seeking to raise an additional $5 million. That raise came a little more than a year after NuSachi brought in a $2 million round of funding.
The company is seeking to close a new round of funding by year’s end, according to the release.
"The future of this plant from the tip of the flower to the bottom of the root, from its health and wellness applications to its industrial fiber and cellulosic applications makes it unrivaled to anything I've seen in my professional lifetime," Dolan said in the release. "I'm particularly proud because NuSachi is committed to science and partnering with regulators to set the bar for transparency, quality and high standards in a nascent industry."
