NOXX, a Grand Rapids-based vertical cannabis company, has announced plans for operational growth supported by a $15 million debt raise from Altmore Capital, a specialty firm that invests in the U.S. cannabis industry.
In August, NOXX announced a partnership with Forty Acres Enterprises, with a goal of helping to nurture Black cannabis entrepreneurs, open new Black-owned cannabis companies, and serve as an innovation incubator for Black involvement in cannabis in Grand Rapids and across Michigan.
“NOXX is committed to building one of the most innovative and inclusive companies in cannabis,” says Tommy Nafso, CEO of NOXX. “Whether people want to transact in-person, online or through delivery, NOXX creates a convenient and exceptional shopping experience through unmatched product pricing and selection, hospitality, and an industry leading loyalty program.”
The partnership’s first collaboration is a new cannabis dispensary now open in Grand Rapids.
“The cannabis market today is more competitive than ever, and as Altmore continues to evaluate opportunities for investment, we’re focused on finding operators with a growth strategy built around longevity and a proven track record of success in the market,” says Steve Ham, managing partner at Tysons, Va.-based Altmore Capital. “NOXX represents all of this, and we’re thrilled to add the company to our portfolio of top-tier cannabis operators.”
NOXX currently operates a dispensary at 2440 28th St. SE in Grand Rapids, with a store each planned on Ann Street and Plainfield Avenue.