Growth Industries® Announces Phase One $17MM private placement funding in Rhode Island to expand Eas
WARWICK, R.I., May 1, 2019 /PRNewswire/ -- Growth Industries, a multi-state, privately-held, licensed manufacturer of cannabinoid enriched products and brands, has secured additional private placement funding to expand the existing brand portfolio, increase manufacturing capabilities, and construct a new state of the art, energy efficient cultivation, R&D, and packaging facility.
Growth Industries manufactures and distributes several premium hemp-based brands and products in multiple states through thousands of retail locations including dispensaries, wellness establishments, supermarkets, and general chain retail locations.
"We are gearing up to meet the increasing demand of consumers in search of trusted products that are properly handled, certified, and have the highest-quality ingredients in each manufactured product," said Alex Lavin, President and CEO of Growth Industries. "Smart consumers are demanding brands that control the entire growth and manufacturing process, ensuring the quality and source of the raw materials. Our company umbrella allows us to control it from soil to finished product," added Lavin.
Growth Industries of New England manufacturing facilities, located in Warwick, RI, are set to begin operations in June 2019. These facilities will be housed in an advanced cannabis cultivation facility, operated by Kelsy Green, that is complete with a tissue culture laboratory, extraction, and testing capabilities. In addition, a separate production facility, Factum Pharmaceuticals, is set to open for its hemp-based, nutraceutical and wellness products. All SOPs were written to follow Current Good Manufacturing Practices (CGMP) as required by the Federal Drug Administration (FDA). FactumUSA.com
Growth Industries is expanding the current hemp-based brand portfolio through a distribution partnership with Buddha Hemp®, allowing them to reach over 3,000 retail locations. In its Phase One rollout, Factum will be the sole manufacturer of all Buddha Hemp products nationwide. Soon to open Buddha Hemp Wellness Stores and Cafes in Florida and across New England will continue to develop the brand. Together, Growth Industries and Factum provide the raw materials, formula development, and manufacturing services for Buddha Hemp to develop and market hemp-based products including tinctures, medical creams, capsules, soft gels, and an assortment of vegan edible products. Buddha Hemp products are developed by leading clinical pharmacists and are in-house and third-party tested to ensure purity, safety, and consistency.
The development and continued expansion of additional brands enables Growth Industries to meet the demands of consumers in the medical and therapeutic segments of the growing cannabis and hemp-based wellness industry, while ensuring the highest quality source and processing of raw materials from cultivation to finished product. Growth Industries, products and their respective brands and products are marketed and sold following strict guidelines and according to local and state laws for adults over 21 years of age.
Peak® is a licensed, award winning, cannabis-based line of full-spectrum and distillate oil cartridges and vaporizers in a variety of popular, cannabis-based strains.
Royal Budline® operates, manufactures, and markets award-winning genetics, flower products, topical salves, and sprays made of cannabis mixtures with specific essential oils and other medicinal botanicals for a synergistic healing effect. These combined properties provide muscle relief and reduced stiffness and inflammation, aiding in muscle recovery and minor skin irritations.
The Food and Drug Administration (FDA) regulates the quality of pharmaceuticals very carefully. The main regulatory standard for ensuring pharmaceutical quality is the Current Good Manufacturing Practice (CGMPs) regulation for human pharmaceuticals. Consumers expect that each batch of medicines they take will meet quality standards so that they will be safe and effective. Most people, however, are not aware of CGMPs, or how FDA assures that drug manufacturing processes meet these basic objectives.
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SOURCE Growth Industries of New England