Mile High Labs closes on $65M loan to buy ‘mountains of hemp’

BOULDER — Mile High Labs, a CBD company for the wholesale market, announced Friday that it had closed on a $65 million term-loan facility from investment group MGG Capital.

The funding “provides cash flow enough to buy up the mountains of hemp being grown around the country,” according to a Mile High Labs news release.

Friday’s financing announcement comes on the heels of the company’s October 2018 Series A funding round that raised $35 million.

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“With this funding in place and our biomass supply secured, it’s time to put our heads down and continue to lead the way in CBD quality, safety and compliance,” Mile High Labs CEO Jason Roth said in a prepared statement.

Mile High made headlines in March when the company announced the creation the Mile High Monster, a set of machinery that gets placed at hemp farms to extract industrial loads of CBD and other hemp extracts on-site.

The first Mile High Monster was recently installed on a hemp farm in eastern Colorado, and a second unit is slated for installation in Southern Colorado later this month, according to the release.