Pure Beauty, a California-based boutique cannabis brand that combines art, culture and style with sustainable and social justice practices, announced it has successfully raised $5 million in a convertible note fundraising round.
The raise included a consortium of investors led by Gron Ventures, Subversive Capital, Ceres Group Holdings and notable celebrities like Timbaland, Nas and film director Tom Kuntz, among others.
Founded in 2017 by entrepreneurs Imelda Walavalkar, Tracy Anderson and Irwin Tobias Matutina, Pure Beauty is committed to environmental responsibility within its cultivation sites by reprocessing its water using HVAC and dehumidifiers. It also donates soil to public parks and uses environmentally conscious packaging to minimize waste.
The funds from this latest raise will support the brand’s expansion into new markets, as well as building out the product development team to further support growing customer demand.
Pure Beauty is currently available for purchase throughout California and will expand to Michigan, its first additional market, this fall in partnership with Gage Growth Corp (OTC:GAEGF).
“At Pure Beauty, we are focused on bringing unique, high-quality products to market while keeping the social and environmental impact the industry has at the forefront of our development. We don’t see ourselves as just a cannabis company, but rather a lifestyle brand that intersects arts, style, environmental stewardship and societal equity which can be used to catalyze and expand a forward-thinking and inclusive community,” CEO Imelda Walavalkar told Benzinga.
“Fundraising allows us to further build out our capabilities and product offerings while retaining the integrity of our core values.”
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