HELENA, Mont., March 10, 2022 (GLOBE NEWSWIRE) — Bloom Montana, the largest vertically integrated cannabis company in Montana with 23 operational stores, is pleased to announce that it has closed an $11 million debt financing with Altmore Capital, a senior debt lender focused on the US cannabis industry. The proceeds will be used to fund the completion of a new cultivation facility, further retail expansion and general business purposes as the state begins its transition to recreational use. Bloom Montana Closes $11 Million Debt Financing With Altmore Capital
On Jan. 1, 2022, Montana legalized recreational cannabis, with the state recording an impressive $44.7 million in total cannabis sales in its first two months, according to the Montana Department of Revenue. As the second fastest-growing state in the country that also draws over 10 million annual tourists, Montana is becoming an attractive cannabis market. Bloom Montana Closes $11 Million Debt Financing With Altmore Capital
“We are thrilled to partner with Altmore on this raise as the capital will help support our further profitable growth as we enter these new exciting times,” said John Hoofman, CEO and Founder. “With January sales far surpassing expectations and limited cannabis supply in the state, these funds will ensure we stay true to our mission of providing high-quality, affordable cannabis products to the great people of Montana,” Hoofman added.
Bloom Montana has been operating in the state since 2011, building a leading footprint with multiple cultivation and processing facilities, and the highest number of retail stores of any cannabis company in Montana. Additionally, Bloom Montana is expanding its in-store offering through partnerships with out-of-state brands to ensure its retail customers have a unique product assortment.
The Hawkeye Capital Markets team at Beech Hill Securities, Inc. acted as the exclusive financial advisor to Bloom Montana on this transaction.
About Bloom Montana
Bloom Montana (https://bloommt.com) is one of the largest vertically integrated cannabis operators in Montana. Operating a network of retail locations under the Bloom Montana and Fat Hippie banners, cultivation facilities and manufacturing facilities, and with an operating history that dates back to 2011, the company has expanded its operations as Montana state regulations have evolved.
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Source data: Per the 2021 US Census data and the Institute for Tourism and Recreation Research at the University of Montana (Montana recorded 12.6mm nonresident visitors in 2019 and 11.1mm in 2020).