connected cannabis co. raises $30 million to bring its designer weed strains to more states
Connected Cannabis Co. Secures $30 Million in Funding
Established in 2009, Connected Cannabis Co. has evolved into a prominent cultivator specializing in high-end cannabis strains. The company recently announced the successful completion of a $30 million financing round, combining both debt and equity.
This new investment follows a previous $25 million Series A funding round secured in 2019. Existing investors spearheaded the current round, notably including Navy Capital and One Tower Group.
Additional participation came from Emerald Park Capital, an affiliate of Bryant Park Capital, and Presidio View Capital, demonstrating strong confidence in the company’s future.
Expansion Plans and Target Markets
Currently, Connected Cannabis Co. maintains cultivation and retail operations in both California and Arizona. The newly acquired funds will be strategically allocated towards expanding its footprint into new territories.
The company’s expansion strategy prioritizes states exhibiting thriving cannabis communities and substantial growth potential. Nevada and Michigan have been specifically identified as key target markets.
CEO Statement on the Funding
“We are delighted to welcome Emerald Park Capital and Presidio View Capital as new partners, and we greatly appreciate the continued support of our longstanding investors who have been instrumental in our journey,” stated Sam Ghods, CEO of Connected.
“Our dedication to developing innovative, superior genetics and producing exceptional quality flower has driven significant growth and fostered unwavering customer loyalty. This commitment to quality will remain central as we extend our reach into new states.
Bringing our authentic products and brand experience to consumers in emerging markets is our primary focus during this expansion phase.”
Industry Trends and Regulatory Challenges
Connected Cannabis is part of a growing trend of cannabis companies actively securing capital to facilitate expansion beyond their current operating regions.
As more states within the United States move towards cannabis legalization, companies are increasingly exploring opportunities for geographic expansion.
However, stringent federal regulations present ongoing challenges, often slowing down the process and creating complexities for cultivators like Connected. Differing state regulations and the prohibition of interstate commerce under federal law add to these hurdles.
The Complexity of Scaling Cannabis Operations
While the cultivation of cannabis itself can be relatively straightforward, achieving large-scale production presents significant challenges.
Connected Cannabis Co. sought additional funding to effectively support and accelerate its national growth initiatives, recognizing the complexities inherent in scaling operations.
Matt Burns
Matt Burns: A Profile of a Leading Technology Journalist
Matt Burns is an experienced journalist specializing in technology. He currently serves as Editorial Director at Insight Media Group, a position he assumed after a distinguished tenure as Managing Editor at TechCrunch.
Early Career and TechCrunch
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