Green Mountain CBD, a Vermont-based manufacturer and producer of hemp-based CBD, announced that the venture capital firm, One Better Ventures LLC., has purchased a $7 million minority stake in the company. Located in Raleigh, North Carolina, One Better Ventures’ partners are best known for their work with the brands Burt’s Bees and Seventh Generation.
“We believe in the potential for hemp-based products,” said John Replogle, a partner at One Better Ventures, in a statement. “In SunSoil, we found a team who are committed equally to quality and affordability.”
Green Mountain, which will now rebrand itself as SunSoil in 2019, will use the proceeds from the funding to increase its production capacity, expand distribution, and accelerate the company’s growth.