This Marijuana Company Raised A $9M Series B To Expand Edibles And Beverage Brands

Cannabis firm Botanica, the creator of cannabis-infused edibles, Mr. Moxey's and Journeyman, has successfully raised $9 million in Series B funding from institutional cannabis investors.

KEY Investment Partners and GreenAxs Capital led the investment round, with participation from Entourage Effect Capital and AFI Capital Partners.

Botanica's Mission

The funding will play a crucial role in supporting Botanica's expansion plans and growing market share for its innovative edible brands, noted Chris Abbott, founder, and CEO of Botanica.

Founded in 2014, "our objective has been to create innovative edible brands to lead cannabis into mainstream consumer adoption. As a result of this mission, Mr. Moxey's has become the number one low-dose edible in the country, and our Journeyman brand is quickly becoming a significant player in both the small-format drinks and gummy category," Abbott said.

Expanding Its Footprint

"Botanica has established itself as a leading edible brand on the West Coast and is focused on consumers looking for discrete effect-based products," said Tiby Erdely from KEY, who will join Botanica's board of directors as part of the funding agreement.

"We are excited to support the company's next phase of growth by leveraging an asset-light licensing model and expanding their footprint through a partnership with the MSO, Acreage Holdings." Botanica's partnership with multi-state operator Acreage Holdings Inc. ACRHF would further support its expansion plans.

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Moreover, the company plans to utilize the funds to increase market share for Mr. Moxey's and introduce Journeyman Lemonade to new markets, including Illinois, Colorado, and Oregon, in 2023. Botanica also has ambitions to enter East Coast territories in 2024 and explore potential acquisitions that align with its current operations.

"Mr. Moxey's is the nation's number one selling cannabis-infused mint, selling more than 40 million mints while controlling an average 60% market share in every state the product is available. The company's Journeyman brand is a leader in the small format drink and gummy space in the state of Washington and will be launching in Illinois in the coming weeks," per the release.

"Both the Mr. Moxey's and Journeyman brands were forged in Washington State, the most competitive cannabis market in the United States. Not only have both brands proven to be winners in our home state of Washington, but the brands have also expanded to five states with more to come," said Tim Elliott, president of Botanica.

"Botanica has not taken on new funding for the past four years, yet we have grown revenues every year while running a profitable business. The strength of our brands, our hard-earned operating efficiencies, and this injection of fresh capital makes us a force on the national stage as we aggressively pursue new markets."

For those interested in learning more about this emerging industry and the opportunities for partnerships with other brands consider joining us at the Benzinga Cannabis Capital Conference, which is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment, branding, culture, and where deals get done.  

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Photo: Courtesy Of Christine Roy On Unsplash