Michigan Startup NOXX Closes on $15 Million Debt Raise to Bring Inclusive Cannabis Retail Experience to Life
Ryan Allway
August 31st, 2022
News, Top News
Agreement with Altmore Capital Will Fuel Rapid Expansion and Acquisition Opportunities for NOXX
DETROIT-August 31, 2022 -(BUSINESS WIRE)–Michigan-based vertical cannabis company NOXX today announced robust plans for operational growth supported by a $15 million debt raise from Altmore Capital, a specialty finance firm that invests in the U.S. cannabis industry. The additional financial backing will be used by NOXX to fund capital expenditure and fuel the company’s plans for future acquisitions and expansion.
“NOXX is committed to building one of the most innovative and inclusive companies in cannabis,” said Tommy Nafso, CEO of NOXX. “Whether people want to transact in-person, online or through delivery, NOXX creates a convenient and exceptional shopping experience through unmatched product pricing and selection, hospitality and an industry leading loyalty program. Together with Altmore Capital, NOXX is poised to become a dominant force in reimagining how consumers shop for cannabis.”
In August, NOXX announced a partnership with Forty Acres Enterprises, with a goal of helping to nurture Black cannabis entrepreneurs, open new Black-owned cannabis companies and serve as an innovation incubator for Black involvement in cannabis in Grand Rapids and across Michigan. The partnership’s first collaboration is a new cannabis dispensary now open in Grand Rapids.
“The cannabis market today is more competitive than ever, and as Altmore continues to evaluate opportunities for investment, we’re focused on finding operators with a growth strategy built around longevity and a proven track record of success in the market,” said Steve Ham, Managing Partner at Altmore Capital. “NOXX represents all of this, and we’re thrilled to add the company to our portfolio of top-tier cannabis operators.”
About NOXX
NOXX is a Michigan-based vertical cannabis company providing the best brands at the best prices, through innovation, quality, and inclusivity. From an omnichannel perspective across retail, wholesale, ecommerce and delivery, NOXX offers an unmatched experience meeting customers where they want to shop. The leadership team’s extensive history in executive management combined with deep cannabis market knowledge translates to elevated consumer experiences grounded in authenticity. Named for a friendly being from another galaxy on a mission to create a more inclusive world through the power of cannabis, NOXX and its house of brands provide exceptional cannabis flower, prerolls, concentrates and other cannabis products at dispensaries across the state. Learn more at noxx.com.
About Altmore Capital
Founded in 2018 by Steve Ham and Patrick Kim, Altmore Capital based in Tysons, Virginia is a specialty finance firm that invests in the U.S. cannabis industry, primarily through senior secured term loans. Altmore’s management team has substantial industry experience, and comes from leading private equity, management consulting, legal and debt finance firms. Altmore has developed, as lead lender, proprietary and industry-specific investment screening, due diligence, and structuring processes. The firm has completed over $300 million in investment to legal cannabis companies operating throughout the U.S. Altmore focuses on companies that are beyond the “start-up” phase with more than $20 million in revenue. Learn more at altmorecap.com.
Contacts
Media Contact:
Sean Billisitz
Grasslands: A Journalism-Minded Agency
sean@mygrasslands.com
(574) 298-2712
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
Search CannabisFN
Press Coverage
Psychedelics Index
Top Videos
The producers of O’ Cannabiz have decades of experience producing national-profile events and creating global connections between business communities in the arts, broadcasting, media and technology. They have organized trade summit initiatives with governments around the world. And they have worked closely with sponsors in all levels of Canadian government.
Technical420 is the premier provider of research and analysis on cannabis stocks. We provide investors with sponsored and non-sponsored information on the volatile and emerging cannabis industry. “Our research is our passion!” Your profit is our reward!
Empower Inc. (CSE: EPW) is a growing network of physician-staffed health clinics focused on helping patients improve and protect their health.
Innovium is a global beverage and foods brands platform that builds on consumer market trends and takes them to scale.
Network Partners
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer
