The long-standing Colorado medical and recreational marijuana chain Mindful has raised nearly $4 million, likely to help fund expansion efforts, according to a report by BusinessDen.com.
The company, which operates four storefronts across Colorado, raised $3.9 million from 10 investors, the online news site reported, citing an April 7 filing with the U.S. Securities and Exchange Commission. Mindful spokesman Erik Williams confirmed that the report is accurate, but declined to comment further.
Mindful is planning a serious expansion effort this year, BusinessDen.com reported, including doubling its production and distribution outlets. The company also is looking to expand into other markets, and already has one dispensary in Illinois.
Mindful is the latest in a string of cannabis companies that have each announced millions of dollars in investor financing. As the industry grows and continues working its way into the mainstream, more and more investors are getting on board with cannabis ventures.