Montana cannabis company Bloom raises $11 million in debt financing

Vertically integrated cannabis company Bloom Montana raised $11 million in debt financing via a deal with marijuana lender Altmore Capital.

“The proceeds will be used to fund the completion of a new cultivation facility, further retail expansion and general business purposes as (Montana) begins its transition to recreational use,” Bloom said in a Thursday news release.

The terms of the debt financing were not disclosed.

Growing is all about the lighting

Read our exclusive guide for strategies and tips from expert cultivators who have amassed decades of experience studying horticulture lighting. Curated by MJBizDaily.

Inside the MJBizDaily Lighting Buyers Guide:
  • Horticultural professionals debunk 8 common lighting myths in cannabis.
  • How cannabis extraction companies can reduce energy costs.
  • Why experts say the future of horticultural lighting is in LED technology.
  • Cannabis lighting Glossary of Terms.
  • Buyers checklist & more!

 

Bloom, which operates cannabis retail, cultivation and processing in Montana, says it runs the most stores of any marijuana company in the state.

Montana’s recreational marijuana industry launched sales in January, with combined medical and adult-use sales totaling more than $47 million in January and February.