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.

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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.