Raising money in the cannabis industry is hard. Peter Barsoom, the CEO of 1906 — a Colorado-based cannabis edibles brand — can attest to that.
"We did see headwinds like anybody in the cannabis space," Barsoom told Business Insider over the phone. "The fallout from the IPO bubble happened fast and furious."growth capital has slowly dried up for cannabis companies But for long-term investors, Barsoom says the thesis holds that cannabis "is one of the most exciting and fastest-growing segments of the economy that anybody has witnessed in our history."This latest funding round builds on 1906's pre-revenue raise in 2016 when the company raised $2.7 million.
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