A Montgomery County medical marijuana company has completed a $5.89 million Series B funding round just a few months after closing a Series A raise a third of its size, a Securities and Exchange Commission filing shows.
Green Leaf Medical LLC is one of the few companies that received approval from Maryland regulators last year to cultivate medical marijuana. The Gaithersburg-based company, led by a local entrepreneur Philip Goldberg, will use the new funding in its efforts to expand into Pennsylvania and Ohio. It is also being used to support Maryland operations, Goldberg said.
The company expects to hear back about whether it will receive a license to do business in Pennsylvania within the next week while its application to start operations in Ohio is due later this month, Goldberg said.
This round of funding comes just three months after the company closed on its last funding round, worth $1.6 million, in March. Those dollars went toward construction of its medical marijuana cultivation facility in Frederick, where the company will eventually grow up to 5,000 plants at a time, Goldberg said.