Another Denver-based company connected to the marijuana trade revealed this week it has completed a $1.65 million round of fundraising.
GrowGeneration Corp., an ancillary business that specializes in gardening supplies for commercial and home grows, told the Denver Business Journal it secured the funds in equity financing from Merida Capital Partners, “a cannabis infrastructure fund.”
GrowGeneration is the second Denver-based firm this week to announce a capital raise of over $1 million. Baker, a cannabis software business, raised $1.6 million with assistance from California-based Poseidon Asset Management. That brings Baker’s capital raise total to $3.5 million.
GrowGeneration, a public company that trades on over-the-counter markets under the symbol GRWG, said it plans to use the funding to “continue fueling its expansion plans” along the West Coast, especially California, the Journal reported.