CannaVest Corp. said it has closed a $6.5 million round of financing with an unnamed institutional investor, representing one of the larger investment deals in the marijuana industry in recent months.
The Las Vegas-based producer and distributor of hemp, cannabis derivative and cannabidiol products will receive the money in six installments: four of $500,000 each, and two of $2.25 million each, the company said in a release.
CannaVest also renegotiated its financial commitments with a supplier of raw material in Europe to limit its 2015 outlay. The company said the funding and the refinancing will help it improve sales in 2015.
The investment comes on the heels of several other large financing deals this year, including a $10 million infusion in a company that offers a cannabis delivery app.
CannaVest was the target of a lawsuit last year alleging it engaged in activity that artificially boosted its stock price. The class-action suit was filed by Rosen Law Firm, which filed similar suits against two other companies.