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Green Dot Labs, a family-owned and operated, Boulder CO-based producer of cannabis extracts, announced closing on a Series A round of funding from Tuatara Capital LP in the amount of $3.3 million.

Series A funding is the first round of venture capital attained by early-stage companies. It is usually the first stock (typically preferred stock) sold after the common stock issued to company founders, employees, family and angel investors.

Green Dot focusses on using indoor cultivation and extraction methods to deliver high-end cannabis products to the Colorado market. The company claims to have been the first company in Colorado to build a safe hydrocarbon extraction facility. Hydrocarbon extraction is the most popular method of extracting the concentrated cannabinoid and terpene oils from the cannabis plant.

Concentrates are the fastest growing segment in the industry now. In 2016, recreational sales in Washington, Colorado and Oregon grew 83.9% to $498 million. Green Dot, founded in 2014, has built a strong brand name presence and loyal following in the Colorado market, with Black Label Nectar being its top-selling product line.

Tuatara Capital, founded in 2014, is an investment manager that is focused on, and deeply experienced in, the cannabis market. They create partnerships with innovative cannabis entrepreneurs to help build high-growth companies. Tuatara currently has over $107 million in investments in leading cannabis companies.

The funding will be used to optimize and expand Green Dots production and research. It will also help them secure intellectual property and new market expansion. Green Dot will open a new extraction facility in October, expanding their production capacity. The partnership will also bring Tuatara’s deep cannabis management experience into Green Dot’s growth strategy.

Source: Green Dot Labs press release