AUSTIN, Texas--(BUSINESS WIRE)--Texas Original Compassionate Cultivation (TOCC), Texas’ leading medical cannabis provider, today announced it has secured $21 million in Series B funding led by AFI Capital Partners, a growth equity fund investing exclusively in the cannabis industry. The funding will bolster the company’s production and support its statewide delivery strategy.
TOCC’s latest funding follows the close of Texas’ 87th legislative session, where House Bill 1535—a bill that expands the medical marijuana program in the state—passed in both chambers. Under the expanded Texas Compassionate Use Program (CUP), all cancer patients and people suffering from PTSD will qualify for medical marijuana prescriptions. The passage of HB 1535 also increases the amount of allowable THC to 1% by weight.
“This raise demonstrates our ongoing commitment to the Texas cannabis industry and to our current and future patients throughout the state,” said Morris Denton, CEO of TOCC. “We believe in the power and truth of this plant. AFI Capital Partners’ investment underscores their confidence in TOCC’s operational capabilities. With the latest progress in the legislature, our team is focused on meeting the needs of our existing patients and serving the thousands of newly qualified patients with the highest quality cannabis medicine.”
At the helm of TOCC’s Series B funding is AFI Capital Partners. This cannabis-focused growth equity fund invests in ancillary and state-licensed businesses across the cannabis value chain. AFI pursues targets with a history of operational excellence, companies that address a defined consumer need, and those with a proven ability to win share in competitive markets.
“AFI Capital Partners brings strong operational, strategic and transactional cannabis experience to its more than 20 portfolio companies,” said Nico Richardson, managing director for AFI. “We are very excited to invest in and support the leader in the burgeoning Texas cannabis market. The TOCC team has done a phenomenal job serving Texas’ medical patients under the CUP program. We’re eager to partner closely with Morris and the TOCC team to continue to serve the state’s rapidly growing patient base.”
Mr. Richardson has also joined TOCC’s board of directors. For more information about TOCC, visit www.texasoriginal.com.
About Texas Original Compassionate Cultivation
Texas Original Compassionate Cultivation (TOCC) is the leading licensed medical marijuana producer in Texas, working alongside physicians to provide the highest quality cannabis medicine to patients and families seeking relief across the state. As fellow Texans, we are dedicated to representing the integrity of this great state with our commitment to quality, consistency and purity in every product we produce. We remain committed to advancing safe, legal access to this powerful medicine. TOCC is headquartered in Austin, with delivery throughout the entire state. For more information, visit www.texasoriginal.com.