SACRAMENTO, Calif.--(BUSINESS WIRE)--Truth Enterprises, the parent corporation behind Sacramento-based lbs. Distribution, today announced the oversubscription of a $10M round via private placement offering and priced round to make it over a $11,500,000 raise. The funding will help Truth Enterprises accelerate growth.
Truth Enterprises operates several licensed B2B cannabis verticals including a distribution arm (lbs. DistributionTM), cannabis manufacturing, and cultivation. The company operates throughout California and is currently in an aggressive sales push in the Southern California market.
Truth Enterprises’ CEO Ross Haley is considered one of the industry’s most successful entrepreneurs, with four successful exits under his belt. As CEO of General Hydroponics and CEO/Founder of Vermicrop Organics, he oversaw the 2015 sale to Scotts Miracle-Gro for approximately $130 million, and most recently, he sold GrowBiz (which he co-founded), the nation’s third-largest chain of hydroponic garden centers, to GrowGeneration Corp.
Ross Haley said, “We could not be more excited about the caliber of cannabis pioneers and business acumen that are part of this seed funding round. The future of Truth Enterprises and lbs. Distribution is bright as we focus on business fundamentals and cash flow positivity. Truth has been my lifelong dream -- to transparently operate legitimate licensed cannabis businesses working with a strong team that has decades of industry experience.”
ABOUT TRUTH ENTERPRISES
Truth Enterprises was founded in 2017 by a group of cannabis entrepreneurs to create a robust and efficient supply chain of legal cannabis throughout California. With their distribution company, lbs. Distribution located in West Sacramento, they are centrally-positioned in the heart of Northern California and the cannabis industry. Their mission is to connect the growers, artisans, and masters of cannabis that have made California globally recognized for high-quality cannabis to the finest cannabis retailers throughout California. Truth Enterprises also operates cannabis manufacturing (Omni ManufacturingTM) and cultivation (Apex AgricultureTM, S&R PharmsTM) verticals.
Lbs. distributes cannabis products including Puff Pre-rolls, Puff Loaded, and Puff vape pens, West Coast Treez flower and West Coast Treez pre-rolls, Simply Cannabis, High Desert Pure, Elevation Extract, Jerome Baker Designs, Self Baked, No Boundaries tinctures, and Shake. They also offer white-label manufacturing and processing services. You can learn more at lbsdistribution.com and on Instagram. BCC License number C11-0001053-LIC.
This news release is not an offer to purchase securities or offer to sell securities and should not be construed as such. It contains forward-looking statements, including statements regarding business strategy and product offering. Such statements and other statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and market value could be materially negatively affected. In some cases, forward-looking statements can be identified by terminology including “anticipated,” “contemplates,” “goal,” “focus,” “aims,” “intends,” “believes,” “can,” “could,” “challenge,” “predictable,” “will,” “would,” “may” or the negative of these terms or other comparable terminology. We operate in a rapidly changing environment and new risks emerge from time to time. As a result, our management can’t predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. Although we believe that the underlying assumptions and the expectations reflected in any such forward-looking statements are reasonable, no assurances can be given that such assumptions and expectations are correct because actual results are uncertain and unpredictable. All assumptions and expectations merely represent our considered opinion. To the extent that actual events differ materially from such assumptions and estimates, actual results will vary from any forward-looking statements. Except as expressly required by law, Truth Enterprises disclaims any intent or obligation to update these forward-looking statements.