SHO Products, a company focused on the manufacturing and distribution of cannabis accessories, equipment, and technology, has closed a $3.6 million Series A funding round led by New York philanthropist and venture capital investor Ann Tenenbaum.
Interestingly, Tenenbaum, the wife of the famed American investor and businessman Thomas H. Lee, was also an investor at Lord Jones CBD, a luxury CBD products brand that has been making headlines on the back of Olivia Wilde to Katy Perry endorsements, and it showing up at high-class hotels and SoulCycle classes.
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“I continue to be impressed by Sam and his team at SHO Products. While I was initially attracted to the company's organic, solvent-free method of cannabis extraction, I quickly saw the broader vision the founders had of building a premier cannabis products company. The team continues to execute on its goals and I am excited to help SHO Products through its next phase of growth,” Tenenbaum told Benzinga.
SHO Products’ CEO and co-founder Sam Jurist said the company plans to use the proceeds of the recent raise to expand its leadership team with more strategic hires, as well as increase acquisitions to bolster its footprint in the cannabis accessories and products industry.
Last year, SHO Products delivered a revenue growth rate of 56 percent, expanded its workforce from 12 to 32 people and gained market share both domestically and internationally. As part of this Series A round, Tenenbaum will join the company’s Board of Directors, which also includes its co-founders, CEO Samuel Jurist and COO Vincent D’Accolti.
"SHO Products has grown organically since inception, and this investment is like pouring gasoline on a fire. Timing is key in any business, and it is especially true right now in the cannabis industry. We have a number of existing growth initiatives already in place and will be putting this capital to work immediately,” Jurist said.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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