Two Denver businesses serving the marijuana industry each say they've raised more than $1 million in financing.

Baker, a Denver software company targeting marijuana dispensaries, said it's "secured a $1.6 million extension to its August 2016 seed round, bringing the company's total raised capital to $3.5 million, making it one of the single most VC-backed companies in the marijuana space."

And GrowGeneration Corp., a Denver retail hydroponic and organic gardening store chain that sells to both the commercial and home cannabis markets, said it "has secured $1,650,000 in equity financing from Merida Capital Partners, a cannabis infrastructure fund."

Baker said its funding was led by Poseidon Asset Management, and it will use the money to fund its "continued and explosive growth."

Read more at Denver Business Journal.