EcoGen plans to use $40 million private placement for consolidation

Colorado hemp grower and CBD manufacturer EcoGen Laboratories raised $40 million in a private placement, saying it will use the funds to consolidate operations and start producing white-label CBD products in a former steel plant in western Colorado.

The company said it plans to consolidate operations and extraction in a new headquarters in Grand Junction, Colorado.

The company plans to keep operating a greenhouse facility about 20 miles east of its headquarters and a 300-acre farm near the Colorado-Utah state line.

A company spokeswoman says the company had 183 employees last year.