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.
“This capital will allow us to take Auntie Dolores to the next level by helping patients access the high-quality cannabis-infused products they need in legal markets all over the country,” the company’s CEO, Julianna Carella, said in a press release.
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.