SEATTLE, July 13, 2023 (GLOBE NEWSWIRE) -- Botanica, makers of Mr. Moxey’s and Journeyman cannabis-infused edibles, has raised a strategic investment from several institutional cannabis investors. The Company, launched in 2014, secured $9 million in Series B funding from a group led by KEY Investment Partners and GreenAxs Capital. Other prominent firms participating in the round include Entourage Effect Capital and AFI Capital Partners. In conjunction with the financing, Tiby Erdely of KEY will be joining Botanica’s Board of Directors.
“Since Botanica’s founding, our objective has been to create innovative edible brands to lead cannabis into mainstream consumer adoption. As a result of this mission, Mr. Moxey’s has become the number one low-dose edible in the country and our Journeyman brand is quickly becoming a significant player in both the small-format drinks and gummy category,” said Chris Abbott, founder and CEO of Botanica. “We plan to use this funding to expand market share by going deeper in the states we are already located as well as advancing our multistate expansion.”
Botanica was founded in 2014 to build mainstream acceptance of cannabis with brands that fit seamlessly into people’s lives and positively change how the world thinks about cannabis. Since its inception, the company has developed two of the most successful brands in the industry. Mr. Moxey’s is the nation’s number one selling cannabis-infused mint, selling more than 40 million mints while controlling an average 60% market share in every state the product is available. The company’s Journeyman brand is a leader in the small format drink and gummy space in the state of Washington and will be launching into Illinois in the coming weeks.
“We are very pleased to have the opportunity to work with Chris Abbott, Tim Elliott and the outstanding team at Botanica. Botanica has established itself as a leading edible brand on the West Coast and is focused on consumers looking for discrete effect-based products. We are excited to support the company’s next phase of growth by leveraging an asset light licensing model and expanding their footprint through a partnership with the MSO, Acreage Holdings,” commented KEY Founding Partner Tiby Erdely, who joins Botanica’s Board of Directors. "We see tremendous opportunity to cement Botanica as a market leader in the industry with Mr. Moxey’s and with their drink under the Journeyman brand, which is rapidly gaining market share.”
Funding will be used to expand Mr. Moxey’s presence and launch the Journeyman Lemonade in three new states (Illinois, Colorado and Oregon) in 2023. The company plans to open additional East Coast territories in 2024, as well as capitalize on current market conditions to explore the acquisition of complementary operations.
“Both the Mr. Moxey’s and Journeyman brands were forged in Washington State, the most competitive cannabis market in the United States. Not only have both brands proven to be winners in our home state of Washington, but the brands have also expanded to five states with more to come,” said Tim Elliott, President of Botanica. “Botanica has not taken on new funding for the past four years, yet we have grown revenues every year while running a profitable business. The strength of our brands, our hard-earned operating efficiencies, and this injection of fresh capital make us a force on the national stage as we aggressively pursue new markets.”
About Botanica
Founded in 2014 with the vision that edibles would lead cannabis into mainstream acceptance, Botanica has developed a suite of innovative and market leading brands. Mr. Moxey’s is the number one cannabis infused mint in the nation having sold more than 40 million mints since inception. Journeyman, from its foundation in Washington State, is set to lead the small format drink segment as it expands into new states over the coming years. For more information, visit Mr. Moxey’s online or Journeymen online.
Contact: Jim Dissett
The 9th Block
303-532-7392
jim@the9thblock.com
