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Update: On April 22, 2019, TechCrunch that PAX Labs raised $420 million at a valuation of $1.7 billion. Investors included聽, and .

, maker of cannabis vaporizers, is in the process of raising more than $400 million in a funding round that could value the company at about $1.3 billion, The Information on Monday.

The publication said it saw a presentation that PAX had put together for investors which showed that the San Francisco company was looking to only raise $150 million. PAX apparently revised its target 鈥渁fter encountering strong demand from investors who wanted to contribute more,鈥� The Information reported.

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The increased interest in the company is likely due to investors betting on the fact that marijuana will be legalized for recreational use. PAX, in particular, estimates it will notch $113 million in revenue this year with potential for that to grow by more than ten times by 2023, according to The Information.

So far, PAX has raised a total of 聽and counts , , , and among its backers. It $20 million just last October in what CEO Bharat Vasan to Bloomberg as 鈥渁 deliberately small round.鈥�

The goes back to 2004 when and , as Stanford grad students, began developing an e-cigarette prototype out of foam. They ultimately formed an e-cigarette company called . Ploom鈥檚 ModelTwo product was acquired by Japan Tobacco International in 2015. The duo bought back JTI鈥檚 stake in their company and renamed it , of which e-cigarette company was ultimately spun out. In December, we wrote about how reports that Marlboro maker Altria Group Inc. was going to take a 35 percent stake in JUUL . As such, Bowen and Monsees were set to become .

In general investments in cannabis-related startups have picked up steam in recent months. In February, marijuana producer and distributor closed on in what was touted as for a U.S.-based cannabis company.

In January, San Jose, California-based announced it raised $75 million in an 鈥渙versubscribed鈥� financing. What made that round interesting were the investors. Both , former CEO of Yahoo and Autodesk, and three-time Super Bowl MVP and Pro-Football Hall of Famer , participated in Caliva鈥檚 initial round of funding.

Last October, I wrote about how a company that tracks and traces cannabis plants and products across the supply chain raised $50 million in a growth funding round led by global investment giant and rapper/investor .

Lakeland, Fla.-based was founded in late 2013 to serve Colorado鈥檚 cannabis enforcement division. (For those who didn鈥檛 know, Colorado was the first state to ). And finally, last June, our own Savannah Dowling put together a list of the 鈥渢op 10 cannabis startups with the most green.鈥�

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