Vertically-integrated California cannabis company set to receive USD$15 million from industry investment leader
LOS ANGELES, Nov. 26, 2018 /CNW/ -- The High Note Inc. (the "Company" or "The High Note") announced today that Gotham Green Partners and certain co-investors, including Best Buds Funding, LLC (collectively, "GGP"), will invest up to USD$15 million into the Los Angeles-based cannabis industry leader. GGP is funding USD$11 million in multiple tranches and has rights to fund an additional USD$4 million based on the Company achieving certain performance hurdles.
Founded by Chief Executive Officer, John Jezzini, The High Note engages in cannabis cultivation, extraction, packaging, distribution and retail sales. The investment from GGP will allow The High Note to achieve several strategic goals including the expansion of The High Note's high-end cannabis lifestyle dispensary brand.
Additionally, GGP's investment will put The High Note in a position to commence development of its 29.5 acres state-of-the-art cannabis business park in California City providing The High Note with an additional 550,000 square feet of cultivation space. The location in California City will allow the company to increase its cannabis production to more than 100,000 pounds per annum. One of the largest facilities of its kind, plans include extraction and manufacturing capability, a packaging and distribution center, and an independent testing laboratory.
Further improvements are planned for The High Notes flagship cultivation space in East Los Angeles. The concept, akin to a micro-brewery, will provide visitors and patrons a visual education of the seed-to-sale process, while allowing customers to purchase product on-site.
Jason Adler, GGP's Founder and Managing Member, said of the decision to invest in The High Note, "John has distinguished himself as a well-regarded, ethical and compliant operator in the California cannabis market. We are excited to be partnering with him and The High Note team as they progress with cultivation and dispensary expansion plans across the California area."
Jezzini believes that with Gotham Green Partners' backing, The High Note has the potential to become a leading vertically-integrated cannabis company in California, "Gotham Green Partners truly has their finger on the industry's pulse. We are excited to have them as partners, since we know that their support is not just about financing. It is, more significantly, about realizing the vision, while allowing it to grow and evolve. There is no limit to what we can achieve together."
About The High Note and John Jezzini
The High Note is a vertically integrated cannabis conglomerate which cultivates, extracts, packages, distributes and sells its own, and third-party product. In addition to the planned California City cannabis park, The High Note operates a licensed cultivation facility in Los Angeles with 45,000 square feet of indoor cultivation space. Apart from running business operations, Jezzini is an active proponent of the destigmatization of the cannabis industry and bringing it into the light. A key goal for Jezzini is to ensure that the industry is well-regulated and a becomes stable source of reliable revenue for the cities and states it operates in. Please visit www.thehighnote.com.
About Gotham Green Partners
Gotham Green Partners, LLC is a New York-based private equity firm focused on deploying capital into cannabis and cannabis-related enterprises on a global scale. The firm manages a diversified portfolio of investments and is actively investing across the cannabis value chain.
For more information please contact:
John Jezzini, CEO
The High Note
SOURCE The High Note