California Marijuana Cultivator Canndescent Thursday Has Closed Funding Round a $13 million14.09.2018
California marijuana cultivator Canndescent announced Thursday that it has closed a $13 million Series C Convertible funding round to help finance the company’s expansion into new state markets.
The company also will use the money to bankroll a second cannabis brand and new product lines. Canndescent, which already specializes in pre-rolled joints and premium cannabis flower, plans to expand into the vaporizer and edibles markets within the next year, according to a news release.
Canndescent didn’t reveal which states it’s targeting aside from its home market of California, though it did claim it had successfully pulled off a soft launch of a second brand this past summer.
“Our new investors share our vision of more marijuana products, more brands and more states,” Canndescent CEO Adrian Sedlin said in the release.
The Series C was led by Merida Capital, and one of the investors was Altitude Investment.
A spokesman for Altitude said in the release that his firm “took a small position” in Canndescent’s Series B funding round, then “increased our investment tenfold based on the milestones the company has achieved.”