Los Angeles-based cannabis holding company Marijuana Company of America (MCOA) raised $10 million via an equity line of credit agreement with White Lion Capital.
The proceeds will be used “to drive growth,” MCOA said in a Tuesday news release.
Specifically, the release noted, the funding will “facilitate MCOA’s strategic plan to expand its business by organic growth and acquisitions of synergistic and often undercapitalized assets.”
“This credit line is expected to afford MCOA to offer a compelling structure that will enable one or more target acquisition companies to go public, thereby accessing capital for both entities.”
MCOA’s products include hemp-derived CBD brand Hempsmart and recently acquired CBD product distributor cDistro.
MCOA shares trade on over-the-counter markets as MCOA.