In California, Canndescent, California’s leading cultivator of ultra-premium cannabis, recently closed a $10 million Series B offering to finance the launch of new products and to expand its production footprint to over 100,000 square feet.
Joining in this investment round after participating in the seed round, Stella Kleiman, Managing Partner of Floret Ventures, said, “Canndescent has gone from concept to market leader in 18 months. They’re executing flawlessly and, in my experience as a long-time technology entrepreneur, are one of the few institutional quality teams touching the plant.” Echoing this sentiment, John Brecker, Partner of the Altitude Investment Partners fund, which also participated in the round, said, “Every so often, a VC participates in a ‘fund-maker’ that materially increases the fund IRR and that helps it to raise subsequent funds. I believe Canndescent is such a fund-maker.”
Closing 2017, Canndescent ranks as California’s #1-selling branded flower according to BDS Analytics.