Michigan Startup NOXX Closes $15M Debt Raising to Bring Inclusive Cannabis Retail Experience to Life
DETROIT–(BUSINESS WIRE)–NOXX, a Michigan-based vertical cannabis company, today announced strong operational growth plans supported by a $15 million debt raise from Altmore Capital, a specialty finance company that invests in the American cannabis industry. The additional financial support will be used by NOXX to fund capital expenditures and fuel the company’s plans for future acquisitions and expansion.
“NOXX is committed to building one of the most innovative and inclusive businesses in the cannabis space,” said Tommy Nafso, CEO of NOXX. “Whether people want to transact in person, online or via delivery, NOXX creates a convenient and exceptional shopping experience through unparalleled pricing and product selection, hospitality and a customer loyalty program. industry leading. Together with Altmore Capital, NOXX is poised to become a dominant force in reinventing the way consumers buy cannabis.
In August, NOXX announced a partnership with Forty Acres Enterprises, with the goal of helping nurture black cannabis entrepreneurs, open new black-owned cannabis companies, and serve as an innovation incubator for the black involvement in cannabis in Grand Rapids and throughout 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 investment opportunities, we are focused on finding operators with a growth strategy based on longevity and experience. market success,” said Steve Ham. , Managing Partner at Altmore Capital. “NOXX represents all of this, and we are thrilled to add the company to our portfolio of premier cannabis operators.”
NOXX is a Michigan-based vertical cannabis company that delivers the best brands at the best prices, through innovation, quality and inclusiveness. From an omnichannel perspective across retail, wholesale, e-commerce and delivery, NOXX delivers an unparalleled experience by meeting customers where they want to shop. The leadership team’s long experience in executive management, combined with in-depth knowledge of the cannabis market, results in elevated consumer experiences grounded in authenticity. Named after a friendly being from another galaxy on a mission to create a more inclusive world through the power of cannabis, NOXX and its house of brands provide exceptional cannabis flowers, pre-rolls, concentrates and other cannabis products at dispensaries across the state. Learn more at noxx.com.
About Altmore Capital
Founded in 2018 by Steve Ham and Patrick Kim, Tysons, Va.-based Altmore Capital is a specialty finance firm that invests in the US cannabis industry, primarily through senior secured term loans. Altmore’s management team has extensive industry experience and comes from leading private equity, management consulting, legal and debt financing firms. Altmore has developed, as lead lender, proprietary, industry-specific investment selection, due diligence and structuring processes. The company has made over $300 million in investments in legal cannabis companies operating across the United States. Altmore focuses on companies that are past the “start-up” phase with over $20 million in revenue. Learn more at altmorecap.com.