Truth Enterprises has oversubscribed a $ 10 million round
Investors include seasoned pioneers in the cannabis industry
SACRAMENTO, Calif., June 29, 2021 – (BUSINESS WIRE) – Truth Enterprises, the parent company of Sacramento-based lbs. Distribution today announced that it has oversubscribed a $ 10 million round of private placement offer and pricing round to raise $ 11,500,000. The funding will help Truth Enterprises accelerate growth.
Truth Enterprises operates several licensed B2B cannabis verticals, including a distribution arm (lbs. DistributionTM), cannabis manufacturing and cultivation. The company operates across California and is currently in an aggressive sales spurt in the Southern California market.
Ross Haley, CEO of Truth Enterprises, is one of the most successful entrepreneurs in the industry with four successful exits. As CEO of General Hydroponics and CEO / Founder of Vermicrop Organics, he oversaw the sale to Scotts Miracle-Gro for approximately $ 130 million in 2015 and most recently sold GrowBiz (which he co-founded), the third largest chain of hydroponic garden centers, to GrowGeneration Corp. .
We couldn’t be more excited about the caliber of cannabis pioneers and business acumen that are part of this seed funding round.
Ross Haley, CEO of Truth Enterprises
The Future of Truth Enterprises and LBs. The payout is positive as we focus on business fundamentals and positive cash flows. The truth was my lifelong dream – to run legitimate licensed cannabis companies transparently and to work with a strong team that has decades of industry experience.
ABOUT TRUTH COMPANY
Truth Enterprises was founded in 2017 by a group of cannabis entrepreneurs to create a robust and efficient supply chain for legal cannabis across California. With their sales company lbs. The distributor is located in West Sacramento and is centrally positioned in the heart of Northern California and the cannabis industry. Their mission is to connect the cannabis breeders, artisans, and masters who made California known worldwide for high quality cannabis with the best cannabis retailers across California. Truth Enterprises also operates vertical cannabis production (Omni ManufacturingTM) and cultivation (Apex AgricultureTM, S&R PharmsTM).
Pfund sells cannabis products such as Puff Pre-Rolls, Puff Loaded and Puff Vape Pens, West Coast Treez Flower and West Coast Treez Pre-Rolls, Simply Cannabis, High Desert Pure, Elevation Extract, Jerome Baker Designs, Self Baked, No Boundaries Tinctures, and Shake. They also offer white label manufacturing and processing services. Visit lbsdistribution.com and Instagram for more information. BCC license number C11-0001053-LIC.
Original press release
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