Canndescent Scoops Up $10M
SANTA BARBARA, CA, Canndescent, a cannabis cultivator, has raised $10 million in Series B funding.
CANNDESCENT, California's leading cultivator of ultra-premium cannabis, recently closed a $10M Series B offering to finance the launch of new products and to expand its production footprint to over 100,000 square feet.
CANNDESCENT leads the cannabis 2.0 charge and the mainstreaming of cannabis in California by combining world class management and best practices from consumer-packaged goods, advanced agriculture, and luxury, lifestyle marketing. Opening California's first municipally-permitted, cultivation facility in 2016, Canndescent foresaw the adult-use cannabis wave and launched the nation's first ultra-premium flower brand in California. Closing 2017, the company now ranks as California's #1-selling branded flower according to BDS Analytics, and today, January 25th, it will open its second facility, quadrupling its production to 48,000 square feet. Later this year, the company will surpass 100,000 square feet and christen its third facility.
When asked about Canndescent's Series B, CEO Adrian Sedlin, said, "This round validates our strategy of simplification and sophistication, our effects --
Calm, Cruise, Create, Connect, and Charge -- and our leading position in California, the nation's most competitive and largest cannabis market." Sedlin, who previously capitalized the company with the largest seed round in cultivation history, added, "With the proceeds from this round, we'll bring The Art of FlowerTM to many new customers, geographies and product categories."
Reupping 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."
Canndescent (pronounced Can-Des-Ent) cultivates ultra-premium cannabis flower for the adult-use, market, and is California's #1-selling flower brand. In 2016, Canndescent became the first cultivator in the world to abandon traditional strain names, implementing a more shoppable, strain architecture of Calm, Cruise, Create, Connect and Charge. The company produces over 10,000 pounds of cannabis each year and is often described as the inventor of luxury cannabis. Consumers can purchase Canndescent products at leading dispensary and delivery services throughout California and can learn more about the company at www.canndescent.com.
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