Two Oakland, California-based marijuana firms have their sights set on expansion after closing on Series A funding rounds that together totaled $11 million.
Marijuana manufacturer Sublime Canna closed on a $6.2 million financing round – capital that will be used for new equipment, new staff and to expand its product offerings.
The company is planning a summer launch of a new line of THC-infused edibles and a new version of its premium vape cartridges.
Oakland-based FLRish closed a $5 million equity financing deal that’s part of its $6.5 million Series A funding round led by Cresco Capital Partners.
Quinsam Capital and Murray Field & Co. also participated, according to FLRish, which manages the two Harborside retail dispensaries and brands, as well as a large cannabis cultivation facility. The dispensaries are located in Oakland and San Jose.
The firm also announced that Matt Hawkins, managing partner at Cresco Capital, will join the board of FLRish. Two years ago, Cresco invested in FLRish’s cultivation facility – one of the largest in California.
The new capital will be used to continue building out the firm’s cultivation facility and expand its retail platforms and for corporate development purposes, the company said.
Source: Marijuana Business Daily, [https://mjbizdaily.com/two-california-marijuana-firms-close-series-a-funding-rounds-totaling-11m/]
