John Paul DeJoria Backs Mile High Labs Via Series B Financing Round

Mile High Labs, a certified producer of CBD crude oil, distillate, and isolate secured additional funding through a Series B equity financing round.

The round was led by a serial entrepreneur and billionaire John Paul DeJoria.

The Broomfield, Colorado-headquartered company said it would utilize the proceeds to fund an existing debt and to improve its manufacturing and formulations platform further.

In addition, for over a year, MHL has been teaming up with consumer packaged goods companies to introduce CBD products.

In March 2019, MHL launched the Mile High Monster, a solution in CBD extraction, designed to help cultivators and processors boost their efficiency.

In addition, the company operates a 400,000-square-foot GMP and ISO 9001 certified facility.

Jon Hilley, MHL’s CEO, stated Tuesday that "the first wave of mainstay consumer companies," is in a process to launch CBD products.

DeJoria, a cofounder of Patron tequila and Paul Mitchell hair products, praised MHL, saying they are "on their way to creating one of the most important platforms in the cannabis industry."

"There isn't a company in the CBD industry that matches Mile High Labs," added DeJoria.

Hilley seconded DeJoria, further pointing out their company differs from the others in the market.

"John Paul shares this ethos, and we are beyond humbled to partner with him and learn from him," concluded Hilley. 

In June, MHL agreed to supply Ocean Spray Cranberries, Inc.'s CarryOn sparkling water beverages.

Courtesy photo