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Home 🌿 Marijuana Business News 🌿 Steep Hill Labs Inc. is raising $5 million for US expansion and Jamaica 🌿

Steep Hill Labs Inc. is raising $5 million for US expansion and Jamaica

Submitted by Marijuana News on Thu, 04/23/2015 - 08:00

Berkeley-based Steep Hill Labs Inc. is raising $5 million to expand into two states and Jamaica this year as well as pursue innovations in its testing equipment and genetics-related products.

Steep Hill, which employs 30 people, generated $1.2 million in revenue in 2014 and has raised $4 million since its founding in 2008. The company is taking advantage of the Jobs Act to raise its next round of financing from accredited investors, who meet SEC qualifications involving their annual income or net worth to participate in the offering.

In the offering documents, Steep Hill describes its core business as "testing and analyzing medical and recreational marijuana to ensure compliance with public safety standards."

Steep Hill opened the nation's first commercial cannabis lab in 2008.

 

"We knew we'd have a great business or a great federal case," Steep Hill CEO David Lampach said, recalling the firm's early days during...

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URL: 
http://www.bizjournals.com/sanfrancisco/blog/2015/04/cannabis-lab-financing-medical-marijuana-berkeley.html

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