(This story has been corrected to reflect that Gary Hopkinson is executive chairman of CanLab)
California-based testing lab Cannalysis raised $22.6 million that will fund its expansion in the state as well as bankroll its entry into other marijuana markets in the U.S.
The Santa Ana-based company raised the money from Canlab, a cannabis, hemp and CBD testing laboratory network.
The unusually large raise for a lab also will help fund its ongoing robotic automation of cannabis testing services.
“Cannabis and hemp testing is still in its nascent stages, and there’s an enormous market opportunity as legalization becomes more widespread and the utility of CBD products become more prevalent,” CanLab Executive Chairman Gary Hopkinson said in a statement.
For analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for our premium subscription service, Investor Intelligence.