NUG, Inc. Raises $15 Million in Series A Funding Round
Vertically Integrated Cannabis Corporation Oversubscribed Original Aim, Securing Added Funding to Fuel Fast Expansion and Fortify Position as Preeminent Marketplace Leader
OAKLAND, Calif.–(Business enterprise WIRE)–NUG, a single of the premier diversified cannabis corporations in California, currently announced it has closed a $15 million Series A funding round led by an international group of investment executives. NUG will use the capital to elevate its part as a dominant brand, and expand its 3 important pillars of manufacturing, distribution and branding—which contains its new, unparalleled retail venture.
“NUG has quickly expanded due to the fact it was founded in 2014, exceeding all expectations which includes production and income,” stated Bryant Tong, Chairman of the NUG Board of Directors. “The enterprise has impressively navigated the complicated and evolving adult-use market place catapulting from a startup to a thriving enterprise. With a standout group and distinctive operation capabilities to manage the complete brand expertise, this capital investment will allow NUG to continue to excel on all fronts, from cultivation and production to wholesale and retail.”
NUG’s Series A equity providing was initially issued to raise $10 million, but in the end it was oversubscribed and the enterprise raised an extra $five million, underscoring investors’ self-confidence in NUG’s mastery of the seed to sale market place and huge development prospective.
This most up-to-date capital infusion represents an ongoing phase of aggressive development for NUG and is indicative of an auspicious future, validating our team’s relentless ambition and commitment to building major notch goods, revolutionary solutions and technologies. We’re seeking forward to continuing our mission of normalizing the cannabis expertise for shoppers and bringing this market into the mainstream.
Dr. John Oram, CEO and Founder of NUG
NUG operates a single of the biggest manufacturing processing centers in California and its goods are represented in additional than 80 % of the state’s dispensaries. The award-winning edible and smokable things, created at the company’s planet-class Oakland facilities via trailblazing R&D, extraction, distillation, and post-processing laboratories, bring in revenues in excess of $35 million annually.
The funding announcement comes on the heels of the company’s marked achievement in 2018, a year that surpassed income projections, and heightened momentum in 2019. NUG continued to broaden and diversify its portfolio with new solution rollouts and the opening of its state-of-the-art flagship retail retailer in Sacramento, Calif., the initially of 5 NUG shops planned for 2019. The opening represented a important milestone as NUG became the initially brand to oversee their goods just about every step of the way, from the cultivation and extraction to the in-retailer expertise and client relations.
About NUG, Inc.
NUG, Inc. is a premier, state-licensed, and vertically-integrated California cannabis enterprise with substantial projected income development. From its patented cutting-edge technologies, to its award-winning branded goods and dedication to equity and neighborhood involvement, NUG’s leaders are pioneers and innovators in the cannabis market, getting established an industrywide typical for handcrafted, seed to sale cannabis cultivation and manufacturing. Founded in 2014, NUG continues to expand and diversify its portfolio, which contains planet-class R&D, state-of-the-art cultivation, extraction, and distillation facilities, a single of California’s biggest wholesale cannabis distributors, and the new, unparalleled NUG retail retailer expertise. Stick to NUG on Facebook, Twitter, Instagram and YouTube.
Original press release