Cannabis vaporizer company Pax Labs raises benchmark $420 million in funding
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.