. Cannabis Investor Green Acre Leads $27.5 Million Capital Raise for Canndescent
September 10, 2019 at 9:10 am
Published by NCV Newswire
Canndescent Closes $27.5 Million Series C Preferred Funding
The investment will fuel Canndescentâ€™s new product categories and drive regional expansion
SANTA BARBARA, CA â€“ September 10, 2019 â€“ Canndescent, Californiaâ€™s top-selling cultivator of ultra-premium cannabis, announced the closing of $27.5 million in Series C Preferred Funding. Leading the investment round, Green Acre Capital, a cannabis-specific venture fund from Canada, was joined by Carnegie Arch Capital, Senterra, LLC., Altitude Investment Management, JW Asset Management and a multinational beer company from Asia. Supporting the transaction, DelMorgan & Company and Benchmark acted as financial advisors.
The additional investment will help fuel the companyâ€™s expansion into vapes and ingestibles as well as support the companyâ€™s current growth efforts in Massachusetts, Nevada, Canada and beyond. The cannabis-centric CPG company will also deepen its investments in both of its brands â€“ Canndescent in the ultra-premium segment, and goodbrands in the middle market.
â€śThe institutional investment community recognizes our attractive risk-reward profile and continues to validate our strategy of driving growth through more brands, products and geographic markets,â€ť said Adrian Sedlin, Canndescentâ€™s CEO. Sedlin continued, â€śExecuting to plan, we just broke our previous revenue record last month by 38% and will drive to profitability in 2020.â€ť