Ancillary cannabis business inks $2 million equity deal

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

Indoor Harvest Corp. (OTCQB: INQD), a Houston-based manufacturer of commercial aeroponic systems that can be used to grow cannabis, signed an investment deal with Tangiers Global for an equity investment of up to $2 million.

Tangiers Global is located in San Diego and provides funding to small and microcap public companies.

In addition to the investment agreement, Tangiers provided Indoor Harvest with additional bridge funding of $250,000 under an existing $550,000 loan facility that was agreed upon in March.

According to a new release, Indoor Harvest is finalizing plans to develop facilities in Arizona, Colorado and Texas.

In Arizona, the company is planning a “a state-of-the-art demonstration facility” to highlight “next-generation cultivation technologies and methods for cannabis production.”

Indoor Harvest claimed its efforts could result in producing marijuana flower for as low as $125 a pound by reducing energy, labor and fertilizer costs. Indoor Harvest also claimed aeroponics could reduce or eliminate the need for pesticides.

Indoor Harvest also recently acquired Alamo CBD LLC, a pending applicant for Texas’ CBD-focused program.