Earlier this week, CannaRoyalty closed $17.3M financing round.
CannaRoyalty, which finances and invests in marijuana companies, posted revenues of just over $3 million for the fiscal year ending Dec. 31.
“We are confident that (this) will position us as a leader in the world's largest regulated cannabis distribution system, in California.”
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CannaRoyalty will provide 180 Smoke, a Toronto-based seller of vape products, with up to $2.5 million to expand its operations across the country.
Several local pot companies were signing significant deals that are expected to generate hundreds of jobs and collectively lead to millions of dollars in revenues.
CannaRoyalty, known for financing and investing in marijuana companies, hopes to validate and eventually commercialize research.
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CannaRoyalty is purchasing Kaya Management and Alta Supply, which manufacture and distribute marijuana vaporizer pens, chocolate and other products.