Scoop: Northern Swan Holdings Closes $58M Financing Round To Fuel Latin America, Europe Expansion
Earlier this year, Benzinga spoke with Kyle Detwiler, CEO of New York-based cannabis-focused investment fund Northern Swan Holdings, after the firm announced it was deploying nearly $8 million into the German marijuana market through an investment into Cansativa.
Northern Swan also helped secure a permit with Health Canada for Colombia-based Clever Leaves to export cannabis from the South American nation to Canada.
Now, Northern Swan is in the spotlight again as the company has closed a $58 million Series D financing round, bringing the total amount of capital raised to date to $96 million.
You can see Northern Swan and dozens of other cannabis companies at the Cannabis Capital Conference April 17-18 in Toronto!
Fueling Global Expansion
Detwiler says the proceeds from Northern Swan’s latest capital raise will be used to expand the firm’s existing Latin American operations, including Clever Leaves, a leading vertically integrated licensed producer of medical cannabis in Colombia.
In addition, capital will be allocated to investments in new low-cost, large-scale cannabis cultivation and processing centers, as well as to the build-out of distribution channels and brands in Europe, Latin America and North America such as Cansativa and the famed Canadian marketing and data company Lift & Co.
“Latin America is becoming a major player in the cannabis supply chain, and this capital raise allows us to enhance our competitive advantage of being a global, large-scale, low-cost producer," Detwiler told Benzinga this week.
“Clever Leaves, currently employs 250+ people, 75 percent of which are female, has 700,000+ square feet of operating greenhouses utilizing sustainable agricultural practices, and has built one of LatAm’s only GMP compliant extraction laboratories. Not only do we want to build out global distribution channels, we want to rejuvenate the agricultural community in Colombia with sustainable methods and create a pharmaceutical innovation engine around Colombia for the production of refined cannabinoid products.”
Photo courtesy of Clever Leaves.
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