Clever Leaves, a leading multi-national operator (MNO) and licensed producer of pharmaceutical-grade medical cannabis and hemp extracts, raised US$14 million in Series E round of financing
Fremont, CA: Clever Leaves, a leading multi-national operator (MNO) and licensed producer of pharmaceutical-grade medical cannabis and hemp extracts, raised US$14 million in Series E round of financing. The newly raised capital brings the Company’s total funding to over US$120 million. Cowen served as exclusive placement agent for the financing and a majority of the Series E capital was invested by leading institutional investors with a demonstrated track record in the sector.
”Receiving such strong support from prominent institutional investors in the first closing of our Series E round further validates the Clever Leaves strategy,” said Kyle Detwiler, CEO of Clever Leaves. “This financing demonstrates Clever Leaves’ ability to withstand the market headwinds in these extremely challenging times and will help us achieve our ultimate goal of transforming the cannabis supply chain on an international scale. The capital we’ve raised will also enable us to continue commercializing product from our world-class cultivation and extraction operations in Colombia as well as to complete our licensing process in Portugal.”
Clever Leaves expects raising additional capital in the upcoming months and intends to use the proceeds of the round to support its commercialization efforts, further develop existing brands, and expand its operations in Portugal. The funds may additionally support the expansion of the Company’s recently launched direct-to-business sales platform, Clever Leaves 360, which offers pharmaceutical-grade cannabis extracts and finished products fit for a broad range of industries. Proceeds from the financing may also be used to further enhance the Company’s operations in Colombia and to continue building out its distribution channels in Germany and throughout Europe.