Truth Enterprises Oversubscribed $10M Round
Investors Include Seasoned Cannabis Industry Pioneers
SACRAMENTO, Calif., June 29, 2021–(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.
We could not be more excited about the caliber of cannabis pioneers and business acumen that are part of this seed funding round.
Truth Enterprises’ CEO Ross Haley
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.
Original press release
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