Loveland, Colorado-based Mile High Labs – a manufacturer of CBD crude oil, distillate and isolate – closed a $35 million Series A funding round as it works to expand its operations.

Mile High Labs’ success lands as companies across the industry draw in record amounts of capital.

Specifically, the company said in a news release it expects to use the capital to expand the production capacity of its cannabidiol extracts “to meet rapidly increasing market demand.”

Founded in 2016, Mile High Labs extracts exclusively from industrial hemp flower material and offers extraction, refining and co-packaging services to cultivators, manufacturers, retailers and other consumer packaged goods companies.