Grassroots Cannabis raises $90 million to continue blooming as a multi-state operator
, one of the largest multi-state cannabis companies in the U.S., announced Tuesday that it has raised $90 million in capital, marking one of the biggest funding rounds for an American cannabis company in 2019.
Through its 119 million square feet of cultivation space, Grassroots Cannabis produces its own line of flower strains, concentrates, vapes and edibles, which are sold in its 15 dispensaries in 11 states. The company has won and acquired 62 licenses to grow, process and sell cannabis in eight states where medical cannabis is legal and three where it’s allowed recreationally. Now Grassroots Cannabis is setting its sights on becoming a nationally recognized multi-state operator.
CEO Mitch Kahn credits his company’s steady growth to its ability to beat out the stiff competition during the brief windows legalized states accept applications. “We believe in winning competitive license as opposed to acquiring them,” he toldMulti-state operators raised the most funds in 2018, according to. On the Canadian Stock Exchange—the touchstone for cannabis companies, which are mostly absent from the U.S.
Indeed, there’s money to be made, but opening up shop as a cannabis business is no easy task. Entrepreneurs must simultaneously acquire real estate, ensure compliance with regulations and secure capital. When it comes to expanding out of state, attaining licenses is the biggest obstacle. Every type of marijuana business requires a license to operate, and they’re not easy to come by since each state has a cap on the number of licenses it issues.
This is Grassroots third time taking on capital in order to bloom in other states, and its ability to secure licenses has been a key component in attracting investors. “They’ve done a great job winning licenses, which has a lot more value than purchasing them,” Michael Goldberg, a partner at. Grassroots accepted a $40 million convertible note from Altitude, a New York-based growth-stage firm.
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Grassroots Cannabis Raises $90 Million To Continue Blooming As Multi-State OperatorThrough its 119 million-square-foot in cultivation space, Grassroots Cannabis produces its own line of flower, concentrates, vapes and edibles which are sold in its 15 dispensaries located in 11 states.
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