WASHINGTON: Seattle-based cannabis retailer Have a Heart has closed the largest private financing for a pure-play U.S. retail cannabis company to date. The $25 million series A round was led by private, accredited investors with significant cannabis and technology industry experience.
Founded in 2011, Have a Heart started 2018 with five operating locations in Washington state.
The success of its Washington operations provided healthy expansion capital to pursue other markets, and its high application win rate – together with growth through acquisitions – generated greater capital needs for store buildout and working capital.
Have a Heart now has more than fifteen retail licenses across five states: Washington, Hawaii, Oregon, California and Iowa. The company has more than eighteen applications pending, including in five additional states. In addition, it has more than twenty sites under negotiation with potential merger partners in another four states.
“Entrepreneurs can reliably start, grow and finance their businesses in Washington,” Kunkel said. “The state has the best people, leaders, capital, and business and legislative climate for companies to start and become national and world leaders.”