One of the first commercial cannabis testing labs in the United States is seeking $5 million in financing to enter two more states and eventually expand to Jamaica.
Steep Hill Labs Inc., which is headquartered in the San Francisco area, has raised $4 million in investments since it was founded in 2008, according to the San Francisco Business Times.
Now, Steep Hill is eyeing New Mexico and at least one other state as well as Jamaica, the Times reported.
The company – which reportedly recorded $1.2 million in revenue last year – intends to focus more on developing new testing equipment and genetics-related products, according to the paper. But it considers its core business to be ensuring that marijuana products are safe for consumers.
“We want to be the ‘Bloomberg terminal’ of the cannabis market,” Steep Hill CEO David Lampach told the Times.
The news is yet another indicator that the marijuana industry is flourishing, with an increasing number of companies looking outside their home states for growth.