BROOMFIELD, Colorado, Aug. 4, 2020 /PRNewswire/ -- Mile High Labs, a leading processer of hemp-derived cannabinoids, announced the close of a Series B equity financing round from renowned American entrepreneur John Paul DeJoria. This funding is a resounding vote of confidence in the Company and its longstanding position as an industry-leading manufacturer of trusted CBD products. The financing will be used to pay off existing debt and accelerate the development of its best-in-class manufacturing and formulations platform as global brands and big-box retailers begin to enter the CBD category.
"The first wave of mainstay consumer companies are already preparing to launch CBD products," said Jon Hilley, newly-appointed Chief Executive Officer of Mile High Labs. "As we look forward, we see a groundswell of interest from the world's most recognizable brands and we are excited about the global partnership opportunities in front of us."
For the past year, Mile High Labs has been working with leading consumer packaged goods companies to launch pilot CBD products. In June 2020, Mile High Labs became the supplier to Ocean Spray Cranberries, Inc.'s CarryOn™ sparkling water beverages. The following month, the Company launched a line of CBD products with NISA Retail for distribution through its network of over 2,500 independently owned stores across the UK. Mile High Labs expects to announce additional partnerships over the coming quarters.
"There isn't a company in the CBD industry that matches Mile High Labs," said John Paul DeJoria. "The scale of their platform, along with their drive for innovation, is exactly what brands need to navigate and succeed in this emerging market. They are well on their way to creating one of the most important platforms in the cannabis industry."
"We have built a different kind of company with a different approach to this market," said Jon Hilley. "We believe that if we set our standards high, if we lead with integrity and transparency and if we are intentional about how we manufacture our products, we can build one of the legacy companies in this industry. John Paul shares this ethos and we are beyond humbled to partner with him and learn from him."
ABOUT MILE HIGH LABS
Mile High Labs is a global leader in hemp-derived cannabinoid extraction and manufacturing. Headquartered in a 400,000-square-foot GMP and ISO 9001 certified facility in Broomfield, Colorado, Mile High Labs supplies bulk cannabinoid ingredients, as well as private label CBD and CBG products to the world's leading consumer brands. The company's adherence to the strictest manufacturing certifications and commitment to self-regulation has earned the trust of brands and consumers around the world. For more information, visit milehighlabs.com.
If you'd like to help build this great company, please email [email protected].
SOURCE Mile High Labs