BOULDER — Mile High Labs, a leading cannabinoid extractor, closed on a $35 million Series A.
The financing, led by institutional and private equity investors, is the largest Series A in the cannabis industry, the Boulder-based company said in a news release.
Mile High Labs said it will use the capital to expand the production capacity of its CBD extracts to meet increasing demand. The funding will also go to international expansion.
“We believe the CBD market is in the early stages of a 20-year secular growth trend, the size and scope of which the world’s largest Consumer Packaged Goods companies cannot ignore,” Mile High Labs chief financial officer Jon Hilley said in a prepared statement. “We are already the CBD platform of choice for many of the market’s most recognizable brands and we welcome the chance to work with anyone seeking to explore this immense opportunity.”
Mile High Labs uses proprietary extraction processes and equipment to exceed regulatory standards and produce pure, consistent cannabinoids.
“This record-breaking investment is a reflection of the growth in demand for quality CBD products and Mile High Labs’ unique ability to meet that demand,” said Jason Roth, CEO of Mile High Labs, in a statement. “In the first quarter of 2019, we will deploy two of our proprietary “Mile High Monster” extraction plants that will allow us to lead the market with an output that is roughly 20 times the capacity of the nearest competitor. Global demand is exploding, and we are well positioned to meet that demand.”