Grassroots Cannabis announced that it has raised $90 million in capital, marking one of the biggest funding rounds for an American cannabis company in 2019
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 recreationally allowed. Now, Grassroots Cannabis is setting its sights on becoming a nationally recognized multi-state operator.
CEO Mitch Kahn credits his company’s steady growth with 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 accounted for the largest cannabis investment in 2018, according to,on the Canadian Stock Exchange - the touchstone for cannabis companies which national prohibition mostly keeps from the U.S.
Indeed, there’s money to be made, but opening up shop as a cannabis business is no easy task. Entrepreneurs have to simultaneously arrange for real estate, regulatory compliance and have enough capital to do it all. When it comes to expanding out of state, licenses become the biggest dilemma. Every type of business within marijuana requires a license to operate and they’re not easy to come by since each state has a cap on licenses issued.
This is Grassroots third time taking on capital in order to bloom in other states and its ability to secure licenses has also 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, partner at. Grassroots accepted a $40 million convertible note from the New York-based growth stage firm.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
California super bloom causes millions of migrating painted lady butterflies to fill the skyThe migration is the biggest since 2005, when experts estimate more than a billion insects in total flew over the state.
Leer más »
Algerian military may still declare state of emergency as protests continueAlgerians have once again taken to the streets in protest, urging President Abdelaziz Bouteflika to resign. While the army seems to be shifting allegiance away from the government, it could still choose to side against the people.
Leer más »
Beto O'Rourke raised massive $6.1 million his first day in the 2020 race, campaign saysIn the first 24 hours of his presidential campaign, Beto O'Rourke raised $6.1 million, his campaign says. That's more than any other 2020 Democratic contender on their first day to date, slightly edging Sen. Bernie Sanders' one-day total of $5.9 million
Leer más »
Beto O'Rourke raises $6.1 million on first day, topping Sanders and all other rivalsJUST IN: Beto O'Rourke raised $6.1M in his first 24 hours as a presidential candidate, according to his campaign, surpassing Sen. Sanders and every other 2020 Democrat who has disclosed their figures.
Leer más »
Uber-For-Planes Startup BlackBird Raises $10 Million To Replace Road Trips With Flying PrivateBlackBird wants to make flying in a private plane a cheap alternative to driving.
Leer más »
Beto O'Rourke raises $6.1 million on the first day, topping Sanders and all other rivalsBeto O'Rourke raised $6.1 million in his first 24 hours as a presidential candidate, according to his campaign, surpassing Bernie Sanders and every other 2020 Democrat who has disclosed their figures.
Leer más »
Beto O’Rourke raises $6.1 million on Day 1 of White House run, topping Bernie SandersDemocratic presidential candidate Beto O’Rourke raised more than $6 million online during the first 24 hours after he announced his White House bid, the highest first-day number reported by any candidate so far, his campaign said Monday.
Leer más »