A D.C.-based company is proving itself to be one of the fastest-growing private cannabis operators in the U.S.
Holistic Industries announced Thursday that it closed a $55 million funding round as it preps for rapid expansion.
The company will use the funding to accelerate expansion and provide greater access for patients and consumers to its high-quality cannabis products and retail experience.
Founded in 2011, Holistic Industries received licenses and started operating on the East Coast in 2016. It has since rapidly expanded to the Midwest and West Coast, with operations in California, Maryland, Massachusetts, Michigan, Pennsylvania and D.C. It opened the first medical marijuana plant Prince George's County, Md., in 2017 and has several pending licenses in other states, including New Jersey and Missouri.
"We are a true operator with ambition to be the best place to work, shop and invest in the cannabis industry," CEO Josh Genderson said in a statement. "Our mission is to provide patients and customers access to the safest and highest-quality products possible, and with this latest investment, we will continue to deliver on that mission."
Genderson founded Holistic after gaining retail, distribution and brand manufacturing experience as president of Schneider's of Capitol Hill, a fourth-generation, family-owned liquor business and national distribution company. The company has an arm in most of the marijuana industry's verticals, including cultivation and extraction, medical and consumer goods, and its Liberty Cannabis retail dispensary chain.
Including the fresh capital, Holistic has raised more than $100 million to date. The latest funding came from family offices, existing investors and two cannabis-focused investors: Bengal Capital and Entourage Effect Capital, Genderson told the WBJ.
Holistic has more than 400 employees, including 100 in the D.C. area. It also recently bought a dispensary in Michigan and is working toward another similar acquisition.
