420 Magazine Background

Medical Marijuana Startup In Norwalk Raises Funding

Katelyn Baker

Well-Known Member
A Norwalk firm has raised $750,000 toward a private equity fund to acquire marijuana dispensaries, with immediate plans to acquire a Los Angeles facility with an eye on a "satellite cultivation buildout" in its words.

Seventh Point is run by Steve Gormley, who previously ran business development for OSL Holdings, a firm listing headquarters in Yardley, Pa. that attempted to build a business offering both an online platform to advance civil rights causes as well as a unit to cultivate medical marijuana.

Seventh Point says it has a pair of commitments for $5.5 million in funding from investors, saying it hopes to raise as much as $75 million to invest in the legalized cannabis market.

"We have seen a tremendous shift in the willingness of investors to come off the sidelines and take advantage of the tremendous opportunity available in legal cannabis," Gormley said in a written statement.


News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Medical Marijuana Startup In Norwalk Raises Funding
Author: Alexander Soule
Contact: The Hour
Photo Credit: Getty Images
Website: The Hour
Top Bottom