A Texas-based lighting business that caters in part to cannabis growers has netted $16 million in funding, lifting the company’s total investment haul to $76.8 million since its inception a decade ago.
Illumitex, which produces high-grade light-emitting diodes (also known as LEDs), raised the money via a round led by WP Global Partners, a Chicago-based investment firm, according to the Austin Business Journal.
Although most of Illumitex’s customers are in traditional agriculture, the burgeoning marijuana industry is responsible for a good bit of the company’s growth, CEO Chris Hammelef told The Wall Street Journal.
LEDs represent
...
Texas LED Company Lands $16M in Financing is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
A company behind two dispensaries and three grow sites in Colorado is moving forward with plans to build a $35 million “weedery” in Denver that will feature large-scale cultivation facilities, a performance space, bar, gift shop and retail cannabis store.
American Cannabis Partners (ACP) hopes to create something similar to a winery or a brewery in the marijuana industry, even though visitors won’t be able to consume marijuana on-site because of state laws, company founder Christian Hageseth told the New York Times.
Hageseth also said the new development - called the Colorado Cannabis Ranch & Amphitheater - will
...
$35M ‘Weedery’ Planned for Denver is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Even though Hawaii won’t begin accepting medical cannabis business applications until January, some entrepreneurs are already prepping for what’s expected to be a big battle for permits.
In mid-July, right after Hawaii Gov. David Ige signed a new bill into law that allows for eight companies to start dispensaries, food industry mogul Michael Irish registered a new limited liability company and began planning his entrance into the marijuana trade, according to the Honolulu Civil Beat.
Other local big wigs from the business world are also reportedly planning on throwing their names in the ring, including hopefuls
...
Hawaii Cannabis Entrepreneurs Chomping at the Bit is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
An increasing number of marijuana companies are landing seven-figure financing deals these days as the industry gains legitimacy, and California-based edibles manufacturer Auntie Dolores is now among them.
The company announced Monday that it has closed a $1.25 million round of financing to accelerate its expansion across California and eventually help it expand into new states.
“This capital will allow us to take Auntie Dolores to the next level by helping patients access the high-quality cannabis-infused products they need in legal markets all over the country,” the company’s CEO, Julianna Carella, said in a press release.
Auntie Dolores raised the
...
California Edibles Company Raises $1.25M for Expansion is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
By Tony C. Dreibus
A number of companies and wealthy entrepreneurs are hoping to purchase provisional medical cannabis licenses - or acquire the businesses that won them - in Nevada under a new law allowing the transfer of MMJ permits, creating a potentially lucrative secondary market.
Secondary Market for MMJ Business Licenses Developing in Nevada is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs