Steep Hill CEO Jmîchaeĺe Keller, announced on Tuesday that the company has closed a second $2 million investment round. The funds will allow the global leader in cannabis science, testing and analytics, to scale up to meet the demands of the California market.
The company has also opened up an additional $2M round of Preferred Convertible Notes this week.
Keller stated, ” It is an exciting time to be at Steep Hill. It is clear the solutions that we offer the market in cannabis testing, analytics and genetics, are in great demand throughout the world, and smart investors recognize this fact. The mix of investors in this round demonstrates interest is expanding to include more traditional investors who understand the potential for positive returns in the cannabis market in both the near and long term.
“The opportunity to add key personnel within California and to address the explosive demand for the Steep Hill brand throughout the United States and Internationally were key motivators in closing the round.”
Since the start of the year, the company has grown more than 50% and added 16 new positions. It was in 2008 that the company opened the first commercial cannabis lab in the United States.
Keller commented, “Despite the addition of these new positions, we foresee continued personnel growth in Steep Hill and anticipate the size of the Company to nearly double by the end of this year.”