was quietly closing on its latest funding round totaling a fortuitous $420 million. What started in 2005 as a master’s thesis by two Stanford Design Program students has grown into the global leader of vaporization technology and is now worth $1.7 billion, confirmed by a PAX Labs spokesperson on April 20.amount in equity financing from existing investors Tiger Global Management and Tao Capital Partners and new support from Prescott General Partners, Redmile Group and others.
“We are on a mission to establish cannabis as a force for good and this raise really resonated. It represents an inflection point for PAX and the entire industry,” says PAX Labs CEO Bharat Vasan. “Working with respected investors in sectors like healthcare and consumer technology validates that the movement is mainstream.
states with international distribution of select devices, PAX is leading the cannabis concentrates category. Vaporizing cannabis now represents more than 25% of the market by dollar volume in what Vasan says, “Is an otherwise highly fragmented industry.” According to
420 blaze it with all my fellows
Dope.
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