Cannabis industry firm Steep Hill has closed a second $2 million investment round, allowing the company to scale up to meet the demands of the rapidly emerging California market.
Due to unparalleled investor interest in Steep Hill, the company opened an additional $2 million round of Preferred Convertible Notes this week.
“The mix of investors in this round demonstrates interest is expanding to include more traditional investors who understand the potential for positive returns in the cannabis market in both the near and long term,” said Jmîchaeĺe Keller, president and CEO of Steep Hill. “The opportunity to add key personnel within California and to address the explosive demand for the Steep Hill brand throughout the United States and internationally were key motivators in closing the round.”
Steep Hill Labs is a cannabis science and technology company in lab testing, research and development, licensing, genetics and remote testing. Steep Hill’s foundation was built on testing and analyzing medical and recreational marijuana to ensure compliance with public safety standards. In 2008, Steep Hill opened the first commercial cannabis lab in the United States and has been on the cutting edge since its inception. Steep Hill is expanding throughout the United States, and globally. With the goal of helping the rest of the world adopt “best practices” in cannabis testing, the company also provides expert consulting services to legislators and regulators in many countries, states and municipalities around the world.