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Big funding for vaporizers suggests confidence in cannabis biz

Submitted by Marijuana News on Sat, 06/20/2015 - 08:34

Pax Labs, the San Francisco maker of a popular electronic cigarette, announced $46.7 million in new funding Wednesday — a sign of investor confidence not only in the booming vaporizer market but also in the marijuana industry.

Formerly known as Ploom, the maker of the Pax and JUUL vaporizers will use the investment to expand its technology into other spaces as well as expand its current products overseas. Currently, the product is only sold in the U.S. and Canada.

This round of investment was led by Fidelity Management & Research Company and Sivia Capital. Becasue of prohibitions that many venture capital firms have on investing in “sin” products like tobacco, illegal drugs, alcohol and gambling, Pax Technologies has received very little VC funding. Nevertheless, the eight-year-old company has sold more than 500,000 units over the past two years, growing more than 200 percent.

“Historically, it’s strange to hear that...

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URL: 
http://www.sfgate.com/news/article/46-7-million-investment-in-e-cigareette-company-6317380.php

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