Bloom Montana closes $11 million debt financing with Altmore Capital

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New Funding to Support Growth as Montana Sees Cannabis Sales Rise in First Month of Recreational Use

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HELENA, Montana, March 10, 2022 (GLOBE NEWSWIRE) — Bloom Montana, the largest vertically integrated cannabis company in Montana with 23 operating stores, is pleased to announce that it has closed an $11 million debt financing with Altmore Capital, a senior debt lender focused on the US cannabis industry. Proceeds will be used to fund the completion of a new grow facility, continued retail expansion and general business purposes as the state begins its transition to recreational use.

On January 1, 2022, Montana legalized recreational cannabis, with the state seeing an impressive total of $44.7 million in cannabis sales in its first two months, according to the Montana Department of Revenue. As the second fastest growing state in the country, which also attracts over 10 million tourists a year, Montana is becoming an attractive cannabis market.

“We are delighted to partner with Altmore on this capital raise, as the capital will help support our profitable growth as we enter this exciting new era,” said John Hoofman, CEO and Founder. “With January sales far exceeding expectations and a limited supply of cannabis in the state, these funds will allow us to stay true to our mission of providing high-quality, affordable cannabis products to the great people of Montana,” added Hoofman.

Bloom Montana has been operating in the state since 2011, building a premier footprint with multiple cultivation and processing facilities, and the most retail stores of any cannabis company in Montana. Additionally, Bloom Montana is expanding its in-store offering through partnerships with overseas brands to ensure its retail customers have a unique assortment of products.

The Hawkeye Capital Markets team of Beech Hill Securities, Inc. acted as exclusive financial advisor to Bloom Montana in connection with this transaction.

About Bloom Montana

Bloom Montana (https://bloommt.com) is one of Montana’s largest vertically integrated cannabis operators. Operating a network of retail outlets under the Bloom Montana and Fat Hippie banners, cultivation facilities and manufacturing facilities, and with an operating history that dates back to 2011, the company has expanded its operations as regulations in the state of Montana has moved on.

Contact
Flower Montana
406-458-9333 / [email protected]

Source data: Based on 2021 U.S. Census data and University of Montana Tourism and Recreation Research Institute (Montana had 12.6mm of non-resident visitors in 2019 and 11.1mm in 2020).

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