Loveland, Colorado-primarily based Mile Higher Labs – a manufacturer of CBD crude oil, distillate and isolate – is borrowing $65 million to acquire “millions of pounds” of pelletized hemp for CBD extraction.
The enterprise closed on the debt facility with investment firm MGG Capital.
The term loan comes much less than six months soon after Mile Higher Labs closed a $35 million Series A funding round from unidentified institutional investors.
Mile Higher Labs announced final week it will use the loan to acquire “mountains of hemp” but did not elaborate on a precise quantity or present a time frame for the acquisition.
Mile Higher Labs did not say exactly where the extraction gear will be sent, although the enterprise mentioned it has installed a single extraction unit in eastern Colorado and plans to set up a different in southern Colorado this month.
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