Michigan Startup NOXX Closes on $15 Million Debt Raise to Bring Inclusive Cannabis Retail Experience to Life
August 31st, 2022
News, Top News
Agreement with Altmore Capital Will Fuel Rapid Expansion and Acquisition Opportunities for NOXX
DETROIT-August 31, 2022 -(BUSINESS WIRE)–Michigan-based vertical cannabis company NOXX today announced robust plans for operational growth supported by a $15 million debt raise from Altmore Capital, a specialty finance firm that invests in the U.S. cannabis industry. The additional financial backing will be used by NOXX to fund capital expenditure and fuel the company’s plans for future acquisitions and expansion.
“NOXX is committed to building one of the most innovative and inclusive companies in cannabis,” said Tommy Nafso, CEO of NOXX. “Whether people want to transact in-person, online or through delivery, NOXX creates a convenient and exceptional shopping experience through unmatched product pricing and selection, hospitality and an industry leading loyalty program. Together with Altmore Capital, NOXX is poised to become a dominant force in reimagining how consumers shop for cannabis.”
In August, NOXX announced a partnership with Forty Acres Enterprises, with a goal of helping to nurture Black cannabis entrepreneurs, open new Black-owned cannabis companies and serve as an innovation incubator for Black involvement in cannabis in Grand Rapids and across Michigan. The partnership’s first collaboration is a new cannabis dispensary now open in Grand Rapids.
“The cannabis market today is more competitive than ever, and as Altmore continues to evaluate opportunities for investment, we’re focused on finding operators with a growth strategy built around longevity and a proven track record of success in the market,” said Steve Ham, Managing Partner at Altmore Capital. “NOXX represents all of this, and we’re thrilled to add the company to our portfolio of top-tier cannabis operators.”
NOXX is a Michigan-based vertical cannabis company providing the best brands at the best prices, through innovation, quality, and inclusivity. From an omnichannel perspective across retail, wholesale, ecommerce and delivery, NOXX offers an unmatched experience meeting customers where they want to shop. The leadership team’s extensive history in executive management combined with deep cannabis market knowledge translates to elevated consumer experiences grounded in authenticity. Named for a friendly being from another galaxy on a mission to create a more inclusive world through the power of cannabis, NOXX and its house of brands provide exceptional cannabis flower, prerolls, concentrates and other cannabis products at dispensaries across the state. Learn more at noxx.com.
About Altmore Capital
Founded in 2018 by Steve Ham and Patrick Kim, Altmore Capital based in Tysons, Virginia is a specialty finance firm that invests in the U.S. cannabis industry, primarily through senior secured term loans. Altmore’s management team has substantial industry experience, and comes from leading private equity, management consulting, legal and debt finance firms. Altmore has developed, as lead lender, proprietary and industry-specific investment screening, due diligence, and structuring processes. The firm has completed over $300 million in investment to legal cannabis companies operating throughout the U.S. Altmore focuses on companies that are beyond the “start-up” phase with more than $20 million in revenue. Learn more at altmorecap.com.
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