Green Dot Raises $3 Million, But mCig Falls Short

Colorado-based Green Dot Labs announced that it closed its Series A capital raising round with a $3.3 million investment from Tuatara Capital, L.P. Green Dot is located in Boulder and makes cannabis extracts.

CEO and Co-Founder Alana Malone said, “To date, Green Dot Labs has focused on developing quality-driven indoor cultivation and extraction methodologies and delivering high-end products to the Colorado market. Tuatara shares our commitment to producing quality cannabis products as well as our vision for innovation and regulatory leadership. We are confident that our partnership with Tuatara will support our company in reaching its full potential as a leader and standard-bearer in cannabis and concentrate production.”

The funding will be used to improve the cultivation and extraction platform in Colorado. A new extraction lab is projected to be finished in early October and the company said it would help to significantly expand production capacity. Green Dot also anticipates that its premium medical marijuana brand Black Label Nectar will debut in the adult-use market in October of this year.

Al Foreman, Partner at Tuatara Capital said, “In a highly-competitive concentrates market, Green Dot Labs has distinguished itself through its relentless pursuit of excellence. The founders have spent years perfecting their craft, and these efforts have driven Green Dot Labs’ peerless product quality in a market where the demand for high-caliber concentrates is stronger than ever. We look forward to building on Green Dot Labs’ strong foundation to further support innovation, growth, and new market expansion.”

mCig (MCIG) also announced that it is closing its efforts to raise $3 million, falling far short of that goal. The company raised over $1 million or roughly one-third of its target at 25 cents per share. The stock was lately trading at only 17 cents per share. The capital raise is set to end on September 30 and could be extended if the company deems it necessary.

The company announced its first quarter financial results last week, but did not do so in a formal filing and instead chose to use a press release. The company just filed its audited annual results for the year ending in April in August.

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss This Week's Groundbreaking News

Join the thousands of subscribers who stay informed with GMR's exclusive news briefs delivered directly to your inbox every Friday afternoon.

We respect your privacy. See our privacy policy.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 3 days

$MAPS WeedMaps Files For More Shares

@GreenMarketRpt – 3 days

Happy Friday! Here’s the week’s top news all bundled up in one quick Marijuana Money: December 2, 2021

Back to Top

Don't Miss This Week's Groundbreaking News

Join the thousands of subscribers who stay informed with GMR's exclusive news briefs delivered directly to your inbox every Monday morning.

We respect your privacy. See our privacy policy.