Canndescent Closes $13m Series C Convertible Note to Expand Its Product Portfolio, Initiate Expansion Into Other States, and Roll Out New Brands.
Santa Barbara, September 6, 2018—CANNDESCENT, California’s leading cultivator of ultra-premium cannabis, recently closed a $13M Series C Convertible offering to launch new products, new brands, and new states.
CANNDESCENT leads the cannabis 2.0 charge by combining world class management and best practices from consumer-packaged goods, advanced agriculture, and luxury, lifestyle marketing. Canndescent closed 2017 as the #1-selling brand of cannabis flower in California and will look to expand its market-leading effects—Calm, Cruise, Create, Connect and Charge–to the vape and ingestible categories in the next 12 months. Within the next month, the company also intends to announce the formal launch of its second brand following a successful soft launch this Summer. As well, the company has just initiated a multi-state expansion strategy, eyeing its entry into other markets.
When asked about Canndescent’s Series C Convertible Note,
CEO Adrian Sedlin said, “We’re excited to offer the best of California to other legal states and to reimagine other cannabis categories the way we reconceptualized flower.” Sedlin, who has raised $30M in funding to date for Canndescent.
Our new investors share our vision of more products, more brands, and more states, and their investment comfortably bridges us to our Series C equity round to occur in the next 6 months.
CEO Adrian Sedlin
Leading the Series C Convertible Note, Merida Capital’s Managing Partner, Mitch Baruchowitz, offered, “We met the Canndescent team nearly four years ago and over that time the consumer adoption of their brand, combined with a broad strategic vision and execution has become extremely compelling. The decision to make it one of our first cultivation investments and lead the round was solidified by their strong governance and leadership.
We took a small position in Canndescent’s Series B raise and have increased our investment tenfold based on the milestones the company has achieved in such a short period of time.
John Brecker, a Partner at Altitude Investment Management
About CANNDESCENT
Canndescent (pronounced Can-Des-Ent) cultivates ultra-premium cannabis flower for the adult-use, market, and closed 2017 as 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.
Source: Company
