Kodiak Capital Group, a California private equity firm, has agreed to purchase $1 million of common stock in FutureLand Corp., a Colorado company that leases land and equipment to growers of medical and retail marijuana as well as industrial hemp.
FutureLand will use proceeds from the deal for acquisitions and working capital, according to a press release.
The company said it owns 240 acres of land in southern Colorado and plans to purchase additional land and a grow facility in southern Oregon.
Kodiak invests in companies in a variety of industries, including alternative energy, consumer products and life sciences. It has also recently turned its attention to the cannabis sector.
As of last fall, the firm had committed over $25 million to companies in nearly two dozen transactions since 2011.
FutureLand is listed on the over-the-counter market under the ticker symbol FUTL. It closed Tuesday at 22 cents per share, down sharply from a 52-week high of $15.10 last June.
The stock deal is subject to the Securities and Exchange Commission approving an S-1 registration form that FutureLand must still file with the agency.