SANTA BARBARA, Calif., Sept. 10, 2019 /PRNewswire/ -- PRESS RELEASE -- Canndescent, a California-based cannabis cultivator, has 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 company's expansion into vapes and ingestibles as well as support the company'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 – Canndescent in the ultra-premium segment, and goodbrands in the middle market.
"The 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," said Adrian Sedlin, Canndescent's CEO. "Executing to plan, we just broke our previous revenue record last month by 38% and will drive to profitability in 2020."
"Given its proven management team, brands and growth record in California, we've made Canndescent an anchor investment for our second fund," said Tyler Stuart, managing director of Green Acre Capital. "Canndescent's exceptional products, execution and forward-thinking leadership will definitely earn it a significant stake in the future of the cannabis industry."