Montana cannabis company Bloom raises $11 million in debt financing

Women, minority execs show few gains in U.S. cannabis industry, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here.


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.

Stay informed with MJBiz Newsletters

MJBiz’s family of newsletters gives cannabis professionals an edge in this rapidly changing industry.

Featured newsletters:
  • MJBizDaily: Business news for cannabis leaders in your inbox each morning
  • MJBiz Cultivator: Insights for wholesale cannabis growers & vertically integrated businesses
  • MJBizCon Buzz: Behind-the-scenes buzz on everything MJBizCon
  • MJBiz Retail + Brand: New products, trends and news for cannabis retailers, distributors and marketers
  • Hemp Industry Week: Roundup of news from hemp farming to CBD product manufacturing
  • And 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.