DENVER, Sept. 12, 2017 /PRNewswire/ -- Green Dot Labs, a Boulder, Colo.-based producer of fine cannabis extracts, announced today the closing of its Series A round with a $3.3 million lead investment from Tuatara Capital, L.P.
Tuatara Capital's strategic partnership with Green Dot Labs reflects a shared commitment to innovation and integrity in the cannabis sector. "To date, Green Dot Labs has focused on developing quality-driven indoor cultivation and extraction methodologies and delivering high-end products to the Colorado market. Tuatara shares our commitment to producing quality cannabis products as well as our vision for innovation and regulatory leadership. We are confident that our partnership with Tuatara will support our company in reaching its full potential as a leader and standard-bearer in cannabis and concentrate production," said Green Dot Labs Co-Founder and CEO Alana Malone.
Concentrates are currently the fastest-growing product segment in the cannabis industry, occupying the #2 share position overall. In 2016, recreational sales in this category reached combined sales of $498.8 million and grew by 83.9% in Colorado, Washington, and Oregon. Within this fast-growing market segment, Green Dot Labs is a name that represents long-term leadership in premium extract production. Since its founding in 2014, the company has established a strong reputation among dispensaries and patients for its connoisseur-grade extracts. Black Label Nectar, Green Dot Labs' top-selling product line, features an unmatched variety of proprietary genetics cultivated using advanced horticultural practices.
Beyond the capital investment, Green Dot Labs' partnership with Tuatara will provide them with a cannabis-focused strategic advisor and the ability to leverage Tuatara's deep network of relationships. The Series A funding will primarily be used to optimize Green Dot Labs' cultivation and extraction operating platform within Colorado. Cultivation is now underway at Green Dot Labs' new, state-of-the-art grow facility that automates proven cultivation methods and sets the stage for Co-Founder David Malone to expand the company's research and development in genetics, advanced cultivation practices, and solvent-based extraction. A new extraction lab, slated for completion in early October, will help to significantly expand production capacity while maintaining the company's exacting standards. The new cultivation and extraction lab will support increased production and the development of proprietary genetics showcased in the company's expanded, premium Black Label Nectar line. Long a favorite among Colorado's medical cannabis connoisseurs, Black Label Nectar will make its anticipated debut in Colorado's adult-use market in October 2017.
In addition to supporting the build-out of Green Dot Labs' new facilities, Tuatara's investment will help to secure strategic intellectual property and facilitate new market expansion. The new facilities will allow Green Dot Labs to meet existing demand for their connoisseur-grade concentrates and capture additional revenue opportunities with new product categories. "In a highly-competitive concentrates market, Green Dot Labs has distinguished itself through its relentless pursuit of excellence. The founders have spent years perfecting their craft, and these efforts have driven Green Dot Labs' peerless product quality in a market where the demand for high-caliber concentrates is stronger than ever. We look forward to building on Green Dot Labs' strong foundation to further support innovation, growth, and new market expansion," said Al Foreman, Partner at Tuatara Capital, L.P.
About Green Dot Labs
Green Dot Labs is Colorado's leading producer of fine cannabis extracts. Founded in 2014, the family owned-and-operated company is based in Boulder, Colo. and was the first in Colorado to build safe indoor hydrocarbon extraction facilities. With proprietary, highly sought-after genetics and exceptionally potent, clean, and flavorful whole-plant extracts, Green Dot Labs has inspired a passionate following among discriminating cannabis retailers, patients, and consumers. For more information, visit www.greendotlabs.com.
About Tuatara Capital
Tuatara Capital, L.P. is a specialized alternative investment manager founded in 2014 to focus on the legal cannabis industry. Tuatara manages over $107 million in cannabis-focused assets and is currently investing in market-leading companies that are well-positioned to benefit from the long-term growth trends of the legal cannabis industry. Tuatara's investment philosophy revolves around partnership with innovative entrepreneurs and great management teams to help build high-growth companies. For more information, visit www.tuataracapital.com.
SOURCE Green Dot Labs