Two Rivers Water & Farming, a publicly traded water management and agricultural company in Denver, has raised $5.5 million to support a subsidiary that builds greenhouses for cannabis cultivators, according to a statement.
There were “20-some-odd” accredited individual investors, according to Two Rivers’ Chief Financial Officer Wayne Harding. The largest single investor put in $2 million, while the minimum investment was $10,000.
The Two Rivers subsidiary – GrowCo – will use the money “for completing the first greenhouse, the construction of a second greenhouse and the funding of a GrowCo subsidiary that provides administrative services and financing for GrowCo’s greenhouse tenants,” the Two Rivers statement said.
Two Rivers owns approximately 50% of each greenhouse and 50% of GrowCo’s tenant financing and services company.
GrowCo does not cultivate marijuana itself but provides infrastructure, growing materials and administrative services for licensed marijuana tenants, the statement said
The company raised $4.4 million last January to start construction on its first marijuana greenhouse in Pueblo County, Colorado.