SANTA BARBARA, CA, Canndescent, California's top-selling cultivator of ultra-premium cannabis, announced the closing of $27.5 million in Series C Preferred Funding.
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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. Sedlin continued, "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."
Canndescent empowers adults to turn down the noise, unlock the moment and transform their lives with ultra-premium cannabis products. In 2015, Canndescent became the first cannabis cultivator in the world to abandon traditional strain names and pioneer effects-based cannabis, selling its flowers under the names, Calm, Cruise, Create, Connect and Charge. Since 2017, Canndescent has been California's #1-selling, luxury flower brand and has since launched its brands into other product categories, vapes and ingestibles, and markets. Currently, consumers can purchase Canndescent products in California and Nevada. You can learn more about the company at www.canndescent.com.
About Green Acre Capital
Green Acre Capital is a private investment fund dedicated exclusively to the medical and recreational cannabis industry. The fund invests in sectors across the cannabis value chain including cultivation, processing, research, consumer product brands and retail. This cross-vertical approach creates an ecosystem amongst portfolio investments to help fuel growth and innovation. Green Acre was formed in 2016 and has raised in excess of $100mm for two separate Funds. The Funds currently hold 20 cannabis investments and have now monetized three previous positions.