Integrated CBD raises $50M to build out operations for hemp crops
Integrated CBD maintains approximately 10,000 acres of certified organic land for sustainable farming at scale.
Integrated CBD, Scottsdale, Ariz., announced the closing of $50 million in senior secured debt and a Series A equity round in a combination of debt and equity financing led by a New York-based hedge fund.
Integrated CBD maintains approximately 10,000 acres of certified organic land for sustainable farming at scale. The new funds will be used to build out operations, including completing construction of a 154,000-square-foot extraction facility and a large-scale hemp drying facility, and to expand into the second planting of this year's hemp crop. Expanding the sales and marketing effort through new hires in product development and sales will also be key areas of growth.
"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," says Patrick Horsman, president and CEO. "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 $78 million in debt and equity. Integrated CBD's farmland and hemp crop is certified as USDA organic by the California Certified Organic Farmers Foundation, Santa Cruz, Calif.