WAREHAM, Mass., Oct. 14, 2020 /PRNewswire/ -- LDE Holdings, LLC ( "Trade Roots"), a Massachusetts-based adult-use craft cannabis company, today announced it has closed $4.9 million in Series A round financing.
The Series A round was funded nearly entirely by local investors, aligned with Trade Roots' mission of serving as a locally-owned, operated, and staffed business providing the highest-quality products to Massachusetts residents. Proceeds from the financing will be used to complete the development of Trade Roots' vertically integrated 16,000-square-foot facility in Wareham, and to advance preparations for a planned opening to the public in the second quarter of 2021.
"We're very pleased with the response we received from our offering, a key milestone in our development plan and one that positions Trade Roots for a momentous 2021," Trade Roots Cofounder and Chief Executive Officer Jesse Pitts said. "I couldn't be more proud of our team's hard work in building a best-in-class operation and establishing Trade Roots as a key contributor to my hometown's vitality and economic development."
Hiring, with a preference for local candidates, is underway for cultivation and extraction positions. Trade Roots is a Massachusetts Cannabis Control Commission-designated Social Equity Program Participant, and, consistent with its Host Community Agreement, will pay 3 percent of its sales receipts to the Town of Wareham. In June 2018, Trade Roots received one of three Host Community Agreements from the Town to open an adult-use retail store.
"Successfully closing the Series A funding round is a testament to the strength of both Trade Roots' go-to-market strategy and its growth potential," Greg Wirsen, lead Series A investor and a member of the Trade Roots Board of Directors, said. "I'm impressed by the great strides the management team continues to make in driving and executing against the project plan, and I believe Trade Roots has a very bright future."
Trade Roots expects to begin cultivation and extraction work in the first quarter of 2021 following an extensive renovation and modernization of its multi-use site, located at 6 Thatcher Lane, in the Wareham Industrial Park adjacent to Interstate 195.
"Trade Roots wouldn't be possible without the tremendous belief and encouragement our investors have shown Jesse and me, and which they continue to demonstrate as we build Trade Roots into a business we can all be proud of," Trade Roots Cofounder and President Carl Giannone said. "We're so grateful for their support, and we can't wait to open our doors."
"As a Newton native, I'm thrilled to be part of the growing Massachusetts cannabis industry," Liz Wald, chief executive officer of Good Earth Organics and a former Etsy and Indiegogo senior leader who led the firms' international expansions, said. "Jesse and Carl are dedicated to making Trade Roots a premier consumer destination, as well as an efficient and profitable cultivation, manufacturing, and retail operation. As a Trade Roots investor, I couldn't be more pleased."
Foley Hoag LLP advised Trade Roots in support of the transaction.
About Trade Roots
As an artisanal purveyor of "Craft Cannabis at The Gateway to Cape Cod," Wareham-based Trade Roots is a locally-owned, operated, and staffed business providing the highest-quality adult-use cannabis and cannabis products to Massachusetts residents. Trade Roots is a Massachusetts Cannabis Control Commission-designated Social Equity Program Participant committed to driving positive impact and economic growth in its host community. Trade Roots will offer an extensive selection of locally produced, sourced and curated products in a beachtown boutique environment.
SOURCE Trade Roots
These press releases may also interest you