Michigan-based vertical cannabis company NOXX announced plans for operational growth supported by a $15 million debt raise from Altmore Capital, a specialty finance firm that invests in the U.S. cannabis industry.
The additional financial backing will be used by NOXX to fund capital expenditure and fuel the company’s plans for future acquisitions and expansion.
“NOXX is committed to building one of the most innovative and inclusive companies in cannabis,” said Tommy Nafso, CEO of NOXX. “Whether people want to transact in-person, online or through delivery, NOXX creates a convenient and exceptional shopping experience through unmatched product pricing and selection, hospitality and an industry leading loyalty program. Together with Altmore Capital, NOXX is poised to become a dominant force in reimagining how consumers shop for cannabis.”
In August, NOXX announced a partnership with Forty Acres Enterprises, with a goal of helping to nurture Black cannabis entrepreneurs, open new Black-owned cannabis companies and serve as an innovation incubator for Black involvement in cannabis in Grand Rapids and across Michigan. The partnership’s first collaboration is a new cannabis dispensary now open in Grand Rapids.
“The cannabis market today is more competitive than ever, and as Altmore continues to evaluate opportunities for investment, we’re focused on finding operators with a growth strategy built around longevity and a proven track record of success in the market,” said Steve Ham, Managing Partner at Altmore Capital. “NOXX represents all of this, and we’re thrilled to add the company to our portfolio of top-tier cannabis operators.”