BERKELEY, Calif., Nov. 13, 2017 /PRNewswire/ -- Steep Hill Labs, Inc. ("Steep Hill") and Gotham Green Partners ("Gotham Green") announced today that funds managed by Gotham Green and co-investor Slifka Asset Management have invested Two and One-Half Million Dollars ($2.5M) into Steep Hill, completing Steep Hill's Series III Convertible Notes funding round. The investment into Steep Hill includes matching stock warrants at a $75 Million Dollar Pre-Money Valuation and converts into Steep Hill's recently announced, Series A Preferred Stock Offering.
In making the announcement, Jason Adler, Managing Member of Gotham Green Partners, noted, "We are excited to partner with Steep Hill through this investment. Steep Hill is a clear leader in the cannabis testing space, and the company's unique focus on data and software position Steep Hill to efficiently scale its business to meet growing demand from regulatory testing requirements across the cannabis supply chain."
Mr. Slifka, Managing Partner of Slifka Asset Management commented, "We are extremely excited about investing in Steep Hill, and backing one of the most talented management teams in the cannabis industry. Steep Hill is the clear market leader in cannabis testing and analytics, and the company will demonstrate tremendous growth for the foreseeable future. While it has been said that cannabis testing is a "pick and shovel" investment, I see it as a way to ensure that the industry provides products with consistency and accuracy to enable consumers and patients, trusted test results in both the medical and recreational areas. Industry standards are desperately needed, especially over the next decade as cannabis becomes more widely available, and Steep Hill will play a valuable role in advising growers, manufacturers, consumers, as well as, state, and local governments.
Jmîchaeĺe Keller, CEO of Steep Hill, said, "We are delighted to have Gotham Green and Slifka Asset Management as investors, and we look forward to working with them to explore a variety of synergistic activities on a go forward basis given their unique position in the space. Steep Hill is actively scaling its business to expand the Steep Hill myLab™ ERP software solution, solving challenges of the burgeoning import/export market including disparate regulations, language translation, labeling, and the seamless global integration of Cannabis Data Analytics. We share a similar vision with Gotham Green, and we are excited to lead the movement toward recognized standardization that will ultimately provide the best ROI to all stakeholders and market participants."
ABOUT STEEP HILL
Steep Hill is the world's leading cannabis science and technology company with significant footprints in lab testing, research and development, licensing, genetics and remote testing. No other company brings all of these sectors into one highly synergistic whole. Steep Hill's foundation was built on testing and analyzing medical and recreational marijuana to ensure compliance with public safety standards. In 2008, Steep Hill opened the first commercial cannabis lab in the United States and has been on the cutting edge since its inception. Steep Hill is currently expanding throughout the United States, and globally. With the goal of helping the rest of the world adopt "best practices" in cannabis testing, the company also provides expert consulting services to legislators and regulators in many countries, states and municipalities around the world. Steep Hill: "Leading the Science of Cannabis. Globally."
ABOUT GOTHAM GREEN PARTNERS
Gotham Green Partners is a New York-based private equity firm focused on deploying capital into cannabis and cannabis-related enterprises on a global scale. The firm manages a diversified portfolio of investments and is actively investing across the cannabis value chain.
ABOUT SLIFKA ASSET MANAGEMENT
Randy Slifka is the Managing Partner of Slifka Asset Management (SAM), a Family Office and Investment Firm based in New York City. SAM invests in a broad range of asset classes and investment strategies including: Private Equity Funds, Hedge Funds, and Direct Deals. Mr. Slifka also focuses on a variety of non-market correlated investments including: big data, quantitative analytics, and cannabis related opportunities Prior to founding SAM, Mr. Slifka was a Senior portfolio professional at Halcyon Partners, a $12 Billion Hedge fund, where he was responsible for the distressed debt and special situations investment effort. Mr. Slifka started his career at EM Warburg Pincus and Co, one of the largest and most successful Venture Capital firms.
Contact: Cathie Bennett Warner | Cell: +1-415-420-1573 | [email protected]
SOURCE Steep Hill