Hemp-derived cannabinoid processor Mile High Labs has closed a Series B equity financing round from American entrepreneur John Paul DeJoria.
The financing will be used to pay off existing debt and accelerate the development of its best-in-class manufacturing and formulations platform as global brands and big-box retailers begin to enter the CBD category.
"The first wave of mainstay consumer companies are already preparing to launch CBD products," said Jon Hilley, newly-appointed CEO of Mile High Labs. "As we look forward, we see a groundswell of interest from the world's most recognizable brands and we are excited about the global partnership opportunities in front of us."
For the past year, Mile High Labs has been working with leading consumer packaged goods companies to launch pilot CBD products. In June 2020, Mile High Labs became the supplier to Ocean Spray Cranberries, Inc.'s CarryOn sparkling water beverages. The following month, Mile High Labs launched a line of CBD products with NISA Retail for distribution through its network of more than 2,500 independently owned stores across the UK. Mile High Labs expects to announce additional partnerships over the coming quarters.
"There isn't a company in the CBD industry that matches Mile High Labs," DeJoria said. "The scale of their platform, along with their drive for innovation, is exactly what brands need to navigate and succeed in this emerging market. They are well on their way to creating one of the most important platforms in the cannabis industry."