SCOTTSDALE, Ariz., Oct. 9, 2019 /PRNewswire/ -- Integrated CBD, an institutional scale and quality supply chain leader for organic hemp-derived CBD, today announced the close of $50M in senior secured debt and a Series A equity round in a combination of debt and equity financing. The senior debt is led by an undisclosed New York based hedge fund managing approximately $7.4 billion in assets.
As one of the largest U.S. organic hemp operators with approximately 10,000 acres of certified organic land, Integrated CBD seeks to set the highest standards and practices for sustainable farming at scale in the fast-growing CBD marketplace. The new funds will be used to build out operations including completing construction of both a 154,000 square foot extraction facility and large-scale hemp drying facility; and to expand into the second planting of this year's hemp crop (Arizona can produce 3 crops per year). Expanding the sales and marketing effort through new hires in product development and sales will also be key areas of growth.
Integrated CBD has gained significant momentum this year alone. In January the company raised $3.3M in a pre-seed round, followed in March by a $10M seed funding round. The company secured advisory board members in former CEO and Founder of Tourbillon Capital Partners Jason H. Karp and CEO and Co-founder of Flatiron Health Nat Turner. Integrated CBD is the largest hemp operation in the state of Arizona and made history this summer for planting the state's first hemp seeds since prohibition. Most recently, the company was one of the first CBD supply chain leaders to provide seed-to-shelf production traceability using Verified Organic blockchain technology. Integrated CBD's extraction plant will be commissioned in early Q1 and the dryer facility will be completed by the end of this month. Three thousand acres of hemp are being grown this year across two plantings and will be harvested by the end of this year.
"CBD could potentially be one of the most frequently used wellness products this year. Our mission is to be the trusted supplier of organically grown and sustainably sourced phytocannabinoids for the global market as more consumers incorporate wellness in their daily lives," said Patrick Horsman, President & CEO of Integrated CBD. "Integrated CBD is helping to shape the future of wellness by driving verifiable and transparent industry standards for safety and sustainability. This funding will help us to rapidly build and complete operations and infrastructure to deliver on our mission."
Since January, Integrated CBD has raised a total of $78M in debt and equity. Integrated CBD's farmland and hemp crop have been certified as USDA organic by the California Certified Organic Farmers Foundation (CCOF).
About Integrated CBD
Integrated CBD is a vertically-integrated, institutional quality and scale supplier of organically grown hemp and hemp-derived CBD. The company is growing industrial hemp on one of the country's largest certified organic farms, and building one of the largest GMP-certified, Food-Grade extraction and isolation facilities in the world. Based in Scottsdale, the company is the largest hemp operation in the state of Arizona. For more information, visit Integrated CBD.
SOURCE Integrated CBD