Green Dot Labs, a Boulder, Colo.-based producer of fine cannabis extracts, closed a $3.3m Series A round of funding.
The round was led by Tuatara Capital, L.P.
The company intends to use the funds to optimize cultivation and extraction operating platform within Colorado, to secure strategic intellectual property and facilitate new market expansion.
Founded in 2014 by CEO Alana Malone and David Malone, Green Dot Labs is a producer of fine cannabis. Black Label Nectar, its Green Dot Labs’ top-selling product line, features a large variety of proprietary genetics cultivated using advanced horticultural practices.
Beyond the capital investment, the partnership will provide the company with a cannabis-focused strategic advisor and the ability to leverage Tuatara’s deep network of relationships.
In addition, a new extraction lab, slated for completion in early October, will significantly expand production capacity while maintaining the company’s standards. The new cultivation and extraction lab will support increased production and the development of proprietary genetics showcased in the premium Black Label Nectar line, which will make its anticipated debut in Colorado’s adult-use market in October 2017.