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.