Marijuana MSO Holistic Industries raises $55 million for expansion

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Holistic Industries, a vertically integrated multistate marijuana company operating in six U.S. markets, secured a $55 million convertible note, nearly doubling a $30 million fundraising goal the company set in March.

According to the Washington Business Journal, the oversubscribed offering was led by the Stoneview fund of Harbert Management Corp., an investment group with offices in New York and Birmingham, Alabama.

Holistic will reportedly use the money to:

  • Commence operations in Missouri and West Virginia, where the Washington DC-based company has secured licenses.
  • Break into new markets such as Illinois, New Jersey and Virginia, where it has filed marijuana business license applications.

Holistic currently has vertically integrated operations in California, the District of Columbia, Maryland, Massachusetts, Michigan and Pennsylvania.

To date, the privately owned MSO has raised more than $155 million, the Business Journal reported.