SAN JOSE, Calif., Jan. 24, 2019 /PRNewswire/ -- PRESS RELEASE -- Caliva, one of the largest vertically integrated cannabis companies in California, has closed its first round of funding at an over-subscribed amount of $75M.
Carol Bartz, former CEO of Yahoo and Autodesk and former Cisco Board Member, along with three time Super Bowl MVP and Pro-Football Hall of Famer Joe Montana, both participated in Caliva's initial round of funding. Bartz will serve on Caliva's Board of Directors.
Caliva will be utilizing the investment to grow its product portfolio and expand its reach to California consumers through its own branded retail stores, expanded wholesale distribution, and through direct-to-consumer channels.
"We are laser-focused on our strategy to build the most trusted brand in cannabis. With our best selling product portfolio, our large scale vertical integration, and our award-winning distribution channels, we are confident we can maintain our growth rates in California in 2019," said Dennis O'Malley, CEO of Caliva.
Caliva has quickly become a market leader in cannabis consumer products in California, which represents more than 35 percent of the overall United States legal cannabis market. While California's cannabis economy shrunk by 17 percent year over year due to expanding regulations, Caliva grew its revenues by 350 percent. The company now employs over 440 workers and has two current operating locations in the Bay Area.
"I know great opportunities when I see them," said Bartz. " I believe that Caliva will be the first true large scale consumer product company in the U.S. cannabis industry."
According to Headset, the leader in cannabis business intelligence, Caliva's branded flower, pre-roll and vaporizer products continue to rank in the Top 10 best seller lists for the state of California.
"As an investor and supporter, it is my opinion that Caliva's strong management team will successfully develop and bring to market quality health and wellness products that can provide relief to many people and can make a serious impact on opioid use or addiction," said Montana.
