Texas Original Compassionate Cultivation (TOCC), Texas’ leading medical cannabis provider, today announced it has secured $21 million in Series B funding led by AFI Capital Partners, a growth equity fund investing exclusively in the cannabis industry. The funding will bolster the company’s production and support its statewide delivery strategy. TOCC’s latest funding follows the close of Texas’ 87th legislative session, where House Bill 1535—a bill that expands the medical marijuana program in the state—passed in both chambers. Under the expanded Texas Compassionate Use Program (CUP), all cancer patients and people suffering from PTSD will qualify for medical marijuana prescriptions. The passage of HB 1535 also increases the amount of allowable THC to 1% by weight.
Sean Hocking, Cannabis Law Report, 06/07/2021 14:35:00