CBD-Infused Drink Mix Maker OLEO Raises $1.5 Million in Convertible Note Round

OLEO is a consumer CBD company founded in Seattle, Washington. The company recently made headway by raising $1.5 million in a convertible note round.

Skyler Bissell, the co-founder and CEO of OLEO, shared with BevNET that the financing serves as a “bridge round” from the 2016 seed and to the next funding round, which is yet o be determined. He also stated that he sees “dramatic expansion on the horizon” for the brand, and that such growth will be targeted at retailers and drug stores. Whether such retailers and stores embrace CBD is not a matter of if, and not when.

He added, “There is hesitancy [for CBD products in drug] due to a number of unknown factors in terms of the regulatory environment. That said, many retailers are willing to test and are taking steps to move quicker. The biggest factor is that there’s just a natural fit when it comes to dietary supplements of all kinds and a drug store. So we see drug as one of the biggest channels that will continue to be activated for OLEO, as well as grocery and fitness retailers.”

OLEO’s products, including its beverage line, is available at retailers around the country, and they are available online as well. The products comes in 6ct multipacks in various flavors, such as coconut, raspberry, passionfruit, and tangerine. The formulas enable users to enjoy the benefits of CBD whether they are at work, at the gym, or on the go.