Largest Private Multi-State Cannabis Operator in the U.S., Holistic Industries, Raises $55 Million
Best place to work, shop and invest in cannabis prepares for strategic expansion and M&A with latest capital raise
WASHINGTON D.C. – May 11, 2021 – Holistic Industries, the largest private, vertically integrated multi-state operator (MSO) in cannabis, announced that it raised $55 million in the form of a convertible note to deliver on its goal to be the best place to work, shop and invest in cannabis. The proceeds from the oversubscribed offering, which was led by the Harbert Stoneview Fund, will be used to drive expansion into newly licensed markets, including Missouri and West Virginia, expansion into additional markets, M&A activity the company is currently pursuing, as well as launches of new brands and product innovations.
We are the largest remaining private MSO operating in the market today, and we see tremendous opportunity ahead for us and our investors. With this latest round of funding, we will continue our strategic expansion and continue to develop the operational scale and managerial excellence that makes us the best place to work, shop and invest.
Josh Genderson, CEO of Holistic Industries
Today, Holistic Industries has over 600 employees and over 500,000 square feet of grow/processing facilities in eight regionally concentrated states. Between 2018 – 2020, Holistic Industries had a revenue CAGR of 146% and is projected to more than double its revenue again in 2021. The company also has a growing and profitable Greenhouse of Brands for every type of cannabis consumer including recent launches of Do Drops, Garcia Hand Picked and Strane in strategic markets. In Q1 2021, Holistic Industries opened three new Liberty dispensaries in California and Pennsylvania and has plans to open several additional retail locations and grow/processing facilities later this year.
Holistic Industries has a history of being good stewards of capital, investing in licenses and operations within high-value markets. There are exciting things ahead for Holistic Industries and we are honored to lead this funding round to capitalize the next wave of strategic growth. There are few industries with such exciting secular growth opportunities as cannabis, and Holistic is a standout in the market.
Curry Ford, Portfolio Manager of the Harbert Stoneview Fund
Holistic Industries has a cannabis-passionate, professional senior management team with deep expertise from wine, pharma, banking, real estate, entertainment and gaming and a proven track record of successful execution. The company has a history of license wins, most recently being awarded licenses in Missouri and West Virginia, where the company won a total of twelve licenses. Holistic has applications pending in additional high-value states including New Jersey, Illinois and Virginia. The company is dedicated to investing in the local communities in which they operate, from hiring locally to providing cannabis education and community outreach through Liberty Cannabis Cares.
To learn more about Holistic Industries, please visit: www.holisticindustries.com.
About Holistic Industries
Headquartered in Washington, D.C., Holistic Industries is the largest private multi-state cannabis operator (MSO) in the U.S. and runs vertical operations in California, Maryland, Massachusetts, Michigan, Pennsylvania, Washington D.C. and soon in Missouri and West Virginia. Founded by Josh Genderson in 2011, Holistic Industries has grown into a national medical and consumer goods company, a cultivation and extraction network, and a Liberty-branded retail dispensary chain. Holistic Industries was founded to provide patients access to the highest-quality cannabis medicines and has grown quickly with this ethos in mind. As Holistic has entered adult-use markets, the company has built a reputation for delivering exceptional products in a customer-service oriented retail environment. Holistic Industries’ Greenhouse of Brands includes Liberty (dispensaries), Do Drops, Strane and Garcia Hand Picked.
Source: Company
