Clever Leaves International has announced the first closing of its Series E financing at US$14 million, bringing the Company’s total funding to over US$120 million. Cowen served as exclusive placement agent for the financing and a majority of the Series E capital was invested by leading institutional investors with a demonstrated track record in the sector.
“Receiving such strong support from prominent institutional investors in the first closing of our Series E round further validates the Clever Leaves strategy,” said Kyle Detwiler, CEO of Clever Leaves.
Clever Leaves anticipates raising additional capital in the coming months and expects to primarily use the proceeds to support its commercialization efforts, further develop existing brands, and expand its operations in Portugal. The funds may additionally support the expansion of the Company’s recently launched direct-to-business sales platform, Clever Leaves 360, which offers pharmaceutical-grade cannabis extracts and finished products fit for a broad range of industries. Proceeds from the financing may also be used to further enhance the Company’s operations in Colombia and to continue building out its distribution channels in Germany and throughout Europe.
For more information:
Clever Leaves
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cleverleaves.com