SANTA BARBARA, Calif. – Canndescent, California’s prime-promoting cultivator of ultra-premium cannabis, announced the closing of $27.five million in Series C Preferred Funding. Major the investment round, Green Acre Capital, a cannabis-precise venture fund from Canada, was joined by Carnegie Arch Capital, Senterra, LLC., Altitude Investment Management, JW Asset Management and a multinational beer business from Asia. Supporting the transaction, DelMorgan & Firm and Benchmark acted as economic advisors.
The more investment will assist fuel the company’s expansion into vapes and ingestibles as effectively as assistance the company’s existing development efforts in Massachusetts, Nevada, Canada and beyond. The cannabis-centric CPG business will also deepen its investments in each of its brands – Canndescent in the ultra-premium segment, and superiorbrands in the middle marketplace.
“The institutional investment neighborhood recognizes our eye-catching danger-reward profile and continues to validate our tactic of driving development by way of extra brands, goods and geographic markets,” stated Adrian Sedlin, Canndescent’s CEO. Sedlin continued, “Executing to strategy, we just broke our preceding income record final month by 38% and will drive to profitability in 2020.”
“Given its verified management group, brands and development record in California, we’ve produced Canndescent an anchor investment for our second fund,” stated Tyler Stuart, Managing Director of Green Acre Capital. “Canndescent’s exceptional goods, execution and forward-pondering leadership will undoubtedly earn it a substantial stake in the future of the cannabis market.”
Canndescent empowers adults to turn down the noise, unlock the moment and transform their lives with ultra-premium cannabis goods. In 2015, Canndescent became the 1st cannabis cultivator in the planet to abandon conventional strain names and pioneer effects-primarily based cannabis, promoting its flowers beneath the names, Calm, Cruise, Make, Connect and Charge. Given that 2017, Canndescent has been California’s #1-promoting, luxury flower brand and has because launched its brands into other item categories, vapes and ingestibles, and markets. At the moment, shoppers can acquire Canndescent goods in California and Nevada.
About Green Acre Capital
Green Acre Capital is a private investment fund committed exclusively to the healthcare and recreational cannabis market. The fund invests in sectors across the cannabis worth chain such as cultivation, processing, investigation, customer item brands and retail. This cross-vertical method creates an ecosystem amongst portfolio investments to assist fuel development and innovation. Green Acre was formed in 2016 and has raised in excess of $100mm for two separate Funds. The Funds at present hold 20 cannabis investments and have now monetized 3 preceding positions.