Pax Labs makes consumer vaporizers, including the PAX Era for concentrates and the PAX 3 for flower. The company confirmed a $420 million equity round at a $1.7 billion post-money valuation. Management says the financing will fund brand growth, development of new products, and expansion into new markets such as Canada, and exploration of hemp-based CBD extracts. Pax is hiring and investing in its people to support its mission of establishing cannabis as a force for good and positioning itself as a gold standard for safety. Leadership has signaled a focus on combining hardware and software to give users more clarity about cannabis products, though specific product details were not disclosed. PAX Labs designs and sells vaporization hardware and e-cigarette platforms, including the PAX portable loose-leaf vaporizer, PAX 2, and the JUUL e-cigarette and e-liquid system. JUUL uses nicotine salt technology reverse-engineered from nicotine found in leaf tobacco rather than free-base nicotine. The company says it has sold well over 500,000 units and has grown nearly 200% over the past two years. PAX plans to expand product availability both domestically and internationally, scale its category-redefining tobacco vapor products led by JUUL, and extend the application of its vapor science into new verticals. The firm frames vaporization as a highly disruptive technology with potential applications across the $1 trillion existing tobacco industry and other delivery-system markets. Founded in 2007 and headquartered in San Francisco, PAX intends to apply its integrated science and technology platforms to innovate the smoking and related industries.

Total raised

$467M

Funding rounds

2

Latest round

Equity

Latest activity

Apr 2019