Washington DC medical marijuana firm raises $3 million in financing

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Holistic Industries, a medical marijuana company based in Washington DC, has raised $3 million from a pair of investment firms with ties to Florida’s MMJ industry.

Franklin Street, which has principals in Florida and Georgia, partnered with the private fund adviser Full Moon Investments to finance the deal, according to a news release.

The transaction was funded with $3 million in cash in exchange for convertible notes from two grower/processor licensees in Washington DC.

According to the release, Full Moon – which provides capital and consulting services to medical and recreational cannabis businesses – has raised $37 million since 2016 for MMJ licensees in Maryland, Massachusetts, Washington DC and Pennsylvania.

Franklin Street represents Surterra Therapeutics, an Atlanta-based medical marijuana company, for its business needs throughout Florida.

The two partners are hoping to make further inroads into the Florida medical marijuana market as more licenses become available, according to the release.