A Denver-based cannabis infrastructure and logistics firm has raised $4 million of a targeted $7 million to build its second greenhouse as well as an extraction facility and warehouse in southern Colorado, in Pueblo County.
GrowCo already operates one greenhouse at its 160-acre site in Pueblo County. Earlier this month it applied for a new round of debt security funding in a filing with the Securities and Exchange Commission, according to BusinessDen.com. The first greenhouse site also has an extraction facility and warehouse.
CEO Wayne Harding said the company is on track to hit the $7 million target. “We have a number of private, accredited investors who are interested in the business,” he told BusinessDen.
GrowCo is a subsidiary of Two Rivers Water & Farming Company, which is based in Denver and specializes in providing irrigation services to farmers in the Arkansas River basin. Two Rivers raised $5.5 million in January that went toward building GrowCo’s first greenhouse.
Two Rivers owns approximately 50% of each greenhouse and 50% of GrowCo’s tenant financing and services company
The firm leases all of both greenhouses to Johnny Cannaseed, a Denver cannabis grower company formed in April by former Two Rivers and GrowCo CEO John McKowen, BusinessDen reported. In May, McKowen resigned from both Two Rivers and GrowCo and started his new firm. GrowCo evicted the previous tenant for not paying rent, BusinessDen reported.