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Michigan Startup NOXX Closes on $15 Million Debt Raise to Bring Inclusive Cannabis Retail Experience to Life. Agreement with Altmore Capital Will. #AltmoreCapital #FortyAcresEnterprises #michigan
/PRNewswire/ Altmore Capital, a leading senior debt lender, today announced that it has closed its first cannabis debt fund exceeding its goal by over 200.
Altmore Capital has closed its first cannabis debt fund providing plant-touching businesses with additional funding options.
The Virginia-based company exceeded its expectations by more than 200% with the new fund available to plant-touching businesses that generate over $10 million in revenue.
Rob Shuler, the co-managing partner at Altmore Capital, explained that their mission is to provide transformational capital for a large number of cannabis companies that are evolving into strong cash flow operations.
The booming cannabis industry is heavily affected by federal laws and restrictions and limited debt financing options, leaving cannabis businesses to starve for capital, Shuler explained.
As a senior secured debt lender to the cannabis industry that invested and led more than $130 million in financing in the space to date, Altmore anticipates completing an additional $200 million to $300 million in the next year.