Botanica, maker of Mr. Moxey’s and Journeyman cannabis-infused edibles, has secured $9 million in Series B funding from a group led by KEY Investment Partners and GreenAxs Capital.
Other prominent firms participating in the round include Entourage Effect Capital and AFI Capital Partners. In conjunction with the financing, Tiby Erdely of KEY will be joining Botanica’s Board of Directors.
“Since Botanica’s founding, our objective has been to create innovative edible brands to lead cannabis into mainstream consumer adoption,” said Chris Abbott, founder and CEO of Botanica. “As a result of this mission, Mr. Moxey’s has become the No. 1 low-dose edible in the country and our Journeyman brand is quickly becoming a significant player in both the small-format drinks and gummy category. We plan to use this funding to expand market share by going deeper in the states we are already located as well as advancing our multistate expansion.”
Botanica was founded in 2014 to build mainstream acceptance of cannabis. Mr. Moxey’s cannabis-infused mints control an average 60% market share in every state the product is available. The company’s Journeyman brand is a leader in the small format drink and gummy space in Washington and will be launching into Illinois in the coming weeks.
“We are very pleased to have the opportunity to work with Chris Abbott, Tim Elliott and the outstanding team at Botanica,” Erdely said. “Botanica has established itself as a leading edible brand on the West Coast and is focused on consumers looking for discrete effect-based products. We are excited to support the company’s next phase of growth by leveraging an asset light licensing model and expanding their footprint through a partnership with the MSO, Acreage Holdings. We see tremendous opportunity to cement Botanica as a market leader in the industry with Mr. Moxey’s and with their drink under the Journeyman brand, which is rapidly gaining market share.”
Funding will be used to expand Mr. Moxey’s presence and launch the Journeyman Lemonade in Illinois, Colorado and Oregon in 2023. The company plans to open additional East Coast territories in 2024, as well as capitalize on current market conditions to explore the acquisition of complementary operations.
“Both the Mr. Moxey’s and Journeyman brands were forged in Washington State, the most competitive cannabis market in the United States,” said Tim Elliott, president of Botanica. “Not only have both brands proven to be winners in our home state of Washington, but the brands have also expanded to five states with more to come. Botanica has not taken on new funding for the past four years, yet we have grown revenues every year while running a profitable business. The strength of our brands, our hard-earned operating efficiencies, and this injection of fresh capital make us a force on the national stage as we aggressively pursue new markets.”