Pax picks up $20 million in funding
Pax is one of the better loose leaf vaporizer companies around — their flagship is currently the Pax 3, which is the kind of vape that’s right in line with the Elegant Stoner lifestyle. It’s sleek and well-designed, easy to use, and portable and reliable. That type of quality has brought about a nice payoff for the company, which just picked up another $20 million in funding from investors.
While $20 million ain’t nothing, the company says that this is actually a very conservative investment — the company could be worth as much as $5 billion. “This is a deliberately small round,” CEO Bharat Vasan told Bloomberg. The company apparently wanted to pick up some cash, but didn’t want to threaten control or give away a larger stake.
Unfortunately, not everything is perfect in Pax’ world. While the company is doing very well with its cannabis vaporizer, it shares founders with another company, Juul, that makes a very addictive nicotine vaporizer that the FDA is concerned may have been marketed at teenagers. Vasan wants to note that they’re two different companies, but Bloomberg says they share a lot of the same investors.
We’re big fans of Pax and what they offer here, so hopefully they can use this money to keep on pushing forward (and hopefully step away from Juul and its products). The Pax 3 is the latest vape from the company and it’s excellent, but we’ll keep an eye out to see what else they’re working on for the future.