A Chicago cannabis startup has raised $90 million in funding, the latest in a string of large marijuana deals in the Chicago area.
Grassroots Cannabis announced Tuesday that it has raised $90 million in funding, bringing its total amount raised to $165 million since it launched in 2014.
Grassroots, which grows, processes and sells cannabis products, has more than 400 employees in Illinois, Nevada, Pennsylvania, Michigan, Maryland, Oklahoma, Ohio, Vermont, North Dakota, Arkansas and Connecticut.
"We believe this capital raise now makes Grassroots the largest privately held cannabis company in the U.S.," Grassroots CEO Mitch Kahn said in a statement. "Our growth is a testament to our team's collective strategic vision and execution of building an integrated business model that enhances the communities which we serve."
Grassroots' fundraise is just the latest major deal for a Chicago-based cannabis upstart. Verano Holdings was acquired earlier this month for $850 million after raising $120 million in financing. PharmaCann was acquired by MedMen Enterprises in October for $682 million in stock. Cresco Labs raised more than $200 million before going public in Canada, and Green Thumb Industries also hit the Canadian markets last year.
Headquartered in Chicago, Grassroots has Illinois greenhouses in Deerfield, Moneka, Litchfield and Morris.
