BERKELEY, Calif., Aug. 22, 2017 /PRNewswire/ -- Jmîchaeĺe Keller, President and CEO of Steep Hill, the global leader in cannabis science, testing and analytics, announced today that Steep Hill closed a second $2 million investment round, allowing the company to scale up to meet the demands of the rapidly emerging California market and of Steep Hill's exponential global footprint. Due to unparalleled investor interest in Steep Hill, the company opened an additional $2M round of Preferred Convertible Notes this week.
In making the announcement, Keller said, "It is an exciting time to be at Steep Hill. It is clear the solutions that we offer the market in cannabis testing, analytics and genetics, are in great demand throughout the world, and smart investors recognize this fact. The mix of investors in this round demonstrates interest is expanding to include more traditional investors who understand the potential for positive returns in the cannabis market in both the near and long term. The opportunity to add key personnel within California and to address the explosive demand for the Steep Hill brand throughout the United States and Internationally were key motivators in closing the round.
Since the beginning of 2017, Steep Hill has grown over 50% with the addition of 16 new positions including another Licensee Manager to manage the explosive growth of our licensed labs; a Director of ISO and Quality Assurance; Director of Customer Experience; Director of Sales and Director of Cultivation Science. In addition to its Lab Operations, Steep Hill has also expanded its software development team to include another Software Architect, a QA Manager and another UI/UX Designer - bringing the development team to 12 in total. Despite the addition of these new positions, we foresee continued personnel growth in Steep Hill and anticipate the size of the Company to nearly double by the end of this year."
Steep Hill Labs, Inc. 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 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.