An increasing number of marijuana companies are landing seven-figure financing deals these days as the industry gains legitimacy, and California-based edibles manufacturer Auntie Dolores is now among them.
The company announced Monday that it has closed a $1.25 million round of financing to accelerate its expansion across California and eventually help it expand into new states.
Auntie Dolores raised the money from numerous members of the ArcView Investor Network, which helps connect cannabis entrepreneurs with interested financiers.
The company did not specify which states it plans to enter, but a number of California-based marijuana businesses have been eyeing Arizona, Nevada, Oregon, Washington and Colorado. A spokesman for Auntie Dolores said in an email that the company has “no immediate plans” for other states and will need to find the right partner in new markets first.