The Colorado based private cannabinoid extraction company Mile High Labs has announced that their company has completed a $35 million Series A financing from institutional and private equity investors in the United States.
Mile High Labs is planning to use the newly acquired capital to expand the company’s ability to produce premium Cannabidiol (CBD) based extracts to meet the rapidly growing demand of CBD products in the marketplace. The company also plans to utilize the capital to grow their company’s international footprint.
The hemp CBD market is projected to reach $22 billion by 2022 and has recently become a hugely popular all-natural alternative to synthetic medications. Cannabidiol oil has recently been cited by the World Health Organization to be an effective against anxiety, seizures, inflammation, Alzheimer’s, and a number of different ailments.
Mile High Labs owns proprietary extraction processes in order to produce, in their words, “The purest and most consistent cannabinoids on the market.”
“At Mile High Labs, understanding regulatory pathways and achieving standard-setting compliance results are foundational to our approach,” says Mile High Labs CTO Stephen Mueller. “The importance of our GMP certification cannot be understated as we are responsible for delivering safe, quality ingredients to many of the world’s most trusted brands.”