Michigan Cannabis Startup Scores $15 million From Altmore Capital

This story was reprinted with permission from Crain’s Detroit Business and was written by Rachel Watson.

GRAND RAPIDS — A cannabis company that opened its first last week has secured $15 million from a Virginia investment firm.

Noxx, whose two owners live in metro Detroit and Grand Rapids, announced Thursday that it closed on a $15 million debt raise from McLean, Virginia-based Altmore Capital, a specialty firm that invests in the U.S. cannabis industry.

The deal will help the company fund capital expenditures and future acquisitions and expansion. The company declined to provide the interest rate and duration of the loan.

CEO Tommy Nafso and his business partner Darel Ross, a Grand Rapids entrepreneur who also owns Forty Acres Enterprises, opened the first of three planned Noxx at 2440 28th St. SE in Grand Rapids last month. The other two are underway on Ann Street NW and Plainfield Avenue NE.

The partners previously told Crain’s that their company will be a “hyper-local” cannabis retailer focused on helping Grand Rapids residents overly impacted by the war on drugs. They hope to nurture Black cannabis entrepreneurs and eventually seed new Black-owned operations in Michigan.

The will carry Ross’s line of cannabis products, Forty Acres House of Cannabis, as well as

Michigan Cannabis Startup Scores $15 million From Altmore Capital on Green Market Report