THE WHAT? U.S.-based cannabis brand Pure Beauty has raised US$5 million in convertible note funding from a group of investors.
THE DETAILS Led by Gron Ventures, Subversive Capital and Ceres Group Holdings, celebrity investors included Timbaland Nas and Director Tom Kuntz.
The boutique brand is said to combine art, culture and style with sustainable and social justice practices, with Michael Auerbach, Founder of Subversive Capital and a leading cannabis investor, stating, “Pure Beauty is one of the most innovative and intimate brands to emerge within the California cannabis market.
THE WHY? Pure Beauty is set to use the funding to expand into new markets, as well as bolster its product development team to support growing consumer demand.
The company will move into its first market outside of California this fall in collaboration with Gage Growth Corp, a leading high-quality premium cannabis brand and operator in Michigan.