Mile High Labs closes funding round ahead of CPG partnership launches
Mile High Labs has some capital-based momentum as it prepares to launch CBD products in partnership with CPG companies and retailers. The Broomfield, Colo.-based cannabinoid processor has closed a round of Series B equity financing, receiving a cash infusion from entrepreneur John Paul DeJoria.
"There isn't a company in the CBD industry that matches Mile High Labs," DeJoria said. "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."
Mile High Labs said that Dejoria’s investment will go toward paying down existing debt and accelerating the development of its manufacturing and formulations being used by global brands big-box retailers entering the CBD category.
"The first wave of mainstay consumer companies are already preparing to launch CBD products," said Jon Hilley, Mile High Labs’ recently appointed CEO. “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."
Mile High Labs said that it had been working with leading CPG companies to launch pilot CBD products, including CarryOn — a CBD-infused sparkling water that emerged from Ocean Spray Cranberries’ innovation incubator. Additionally, Mile High Labs has launched a line of products with NISA Retail for distribution to its more than 2,5000 U.K. stores. The company said it would be announcing more partnerships in the coming months and quarters.
"We have built a different kind of company with a different approach to this market," Hilley said. "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."