Cannalysis, a hemp and cannabis testing lab based in California, raised $22.6 million that it said will fund its expansion in the state as well as helping it to move into other marijuana markets in the U.S.
The unusually large raise for a lab also will help fund its ongoing robotic automation of cannabis testing services.
“Cannabis and hemp testing is still in its nascent stages, and there’s an enormous market opportunity as legalization becomes more widespread and the utility of CBD products become more prevalent,” Cannalysis Executive Chairman Gary Hopkinson said in a statement.
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