Precision Extraction Solutions is hoping to raise at least $10 million in venture capital.
That's according to the Troy, Michigan-based company's founder and CTO Nick Tennant.
"We as an organization are levering up," Tennant said on this week's edition of the Benzinga Cannabis Hour. "We're doing a Series B right now." (See video below)
Precision Extraction, a marijuana and hemp extraction equipment provider, is seeking a "minimum target" of around $10 million, Tennant said.
"It's awesome to be in the cannabis space," he told Benzinga. "We're levering up, we're doubling down our bet, we're putting more resources into the industry, we're expanding and we're garning more clients as a result of that. Again — putting my money where my mouth is."
Precision is having conversations with "a few different people right now," he said, without disclosing the company's valuation.
The Benzinga Cannabis Hour is produced every week and brings together top executives, entrepreneurs, and experts from all corners of the cannabis industry. Each show features three or more guests from a broad spectrum of expertise in cannabis.
Cannabis Hour is also published on most major podcasting platforms, including Spotify, Google Podcasts, Breaker, Pocket Casts, and more.
See more from Benzinga
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.