Black Buffalo, a company that makes and sells smokeless tobacco alternative products, has raised $9.75 million in growth capital. Investors included prominent financial companies such as Pendyne Capital, Watchfire Ventures and Open Pantry Food Marts. Black Buffalo plans to use this capital to expand its marketing presence, upgrade its manufacturing capacity, increase its online distribution and launch into convenience stores and physical retail outlets throughout the United States.
With proceeds from this capital raise, Black Buffalo has assembled premarket tobacco product applications for its entire product portfolio, which the company intends to submit to the U.S. Food and Drug Administration’s Center for Tobacco Products in the coming months. Additionally, Black Buffalo has purchased and expects a second quarter 2020 delivery of a high-throughput pouch maker from one of the world’s leading industrial manufacturers.