Here, we learn how Mile High Labs, a leading processor of hemp-derived cannabinoids, have raised Series B equity financing and are preparing for global CPG partnerships
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 on 4th August 2020. 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.
Global partnership opportunities
“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 recognisable brands and we are excited about the global partnership opportunities in front of us.”
Pilot CBD products
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 Mellow Greens CBD products with Nisa Retail, part of The Co-operative Group, for distribution through its network of over 2,500 independently-owned stores across the UK.
The Mellow Greens family of products, comprising eight oral drops and three CBD e-liquids in different flavours and strengths, are exclusively formulated using Mile High Labs CBD ingredients. The partnership with Nisa is a major step towards getting lab-tested, fully compliant CBD products into the hands of the growing UK market. Mile High Labs expects to announce additional partnerships over the coming months.
A different kind of CBD company
“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.”
*Please note: This is a commercial profile