Los Angeles-based cannabis holding company Marijuana Company of America (MCOA) raised $10 million via an equity line of credit agreement with White Lion Capital.
The proceeds will be used “to drive growth,” MCOA said in a Tuesday news release.
Specifically, the release noted, the funding will “facilitate MCOA’s strategic plan to expand its business by organic growth and acquisitions of synergistic and often under-capitalized assets.”
“This credit line is expected to afford MCOA to offer a compelling structure that will enable one or more target acquisition companies to go public, thereby accessing capital for both entities.”
MCOA’s products include hemp-derived CBD brand Hempsmart and recently acquired CBD product distributor cDistro.
MCOA shares trade on over-the-counter markets as MCOA.