Vertically integrated cannabis company Bloom Montana has closed an $11 million debt financing with Altmore Capital, a senior debt lender focused on the US cannabis industry.
The proceeds will be used to fund the completion of a new cultivation facility, further retail expansion and general business purposes as the state begins its transition to recreational use.
The Hawkeye Capital Markets team at Beech Hill Securities, Inc. acted as the exclusive financial advisor to Bloom Montana on this transaction.
"We are thrilled to partner with Altmore on this raise as the capital will help support our further profitable growth as we enter these new exciting times," John Hoofman, the company’s CEO and founder, said. "With January sales far surpassing expectations and limited cannabis supply in the state, these funds will ensure we stay true to our mission of providing high-quality, affordable cannabis products to the great people of Montana."
On Jan. 1, 2022, Montana legalized recreational cannabis, with the state recording an impressive $44.7 million in total cannabis sales in its first two months, according to the Montana Department of Revenue.
Bloom Montana has been operating in the state since 2011. Currently it operates 23 stores in the Treasure State.
Additionally, Bloom Montana is expanding its in-store offering through partnerships with out-of-state brands to ensure its retail customers have a unique product assortment.
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