Pax Labs, a San Francisco-based maker of vaporizers, confirmed it raised $420 million in equity financing, a record for a U.S.-based marijuana company.
The firm said the round included both new and existing institutional investors, including New York-based Tiger Global Management and San Francisco-based Tao Capital Partners.
Pax’s raise nearly doubled the previous high for a U.S. cannabis company, a $250 million debt financing by California-based multistate marijuana operator MedMen in March.
“This financing round allows us to invest in new products and new markets, including international growth in markets like Canada and exploring opportunities in hemp-based CBD extracts,” Pax CEO Bharat Vasan said in a news release.