CANNDESCENT, a leading cultivator of ultra-premium cannabis in California, recently closed a $13 million Series C Convertible offering to expand its product portfolio, initiate expansion into other states, and roll out new brands.
The company specializes in pre-rolled joints and premium cannabis flower named after their effects—Calm, Cruise, Create, Connect, and Charge. The unique approach helped it become the #1-selling brand of cannabis flower in California. Management plans to expand into vaporizer and edible markets over the next 12 months, while formally launching its second brand after a successful soft launch this summer.
Canndescent didn’t reveal what states it plans to expand into after California, but did hint that its new investors share a vision of more products and more brands in more states. With annual production capacity of over 10,000 pounds, it has the capacity and distribution to make a big splash in many of the country’s largest legal cannabis markets.
The Series C round was led by Merida Capital.
Source: cannabisfn.com
