US cannabis-infused edibles maker Coda Signature has closed $24.4 million in Series A funding as it looks to accelerate its expansion into emerging North American markets.
The funding was led by Granite Hall Partners with additional investment from Gotham Green Partners, Mazakali and Salveo Capital.
Owned by Altum Investments and founded in 2015, Coda Signature sells a range of cannabis-infused truffles and chocolate bars, which are available across Colorado. The firm is currently pursuing expansion into California and Canada.
Proceeds from the raise will also be used for “strategic additions to the management team”.
In July, Coda Signature California will launch operations from a 20,000 square-foot facility in Oakland with plans to add more than 50 jobs through the end of 2019.
“The growing momentum behind the legal cannabis movement is astonishing,” said Elizabeth Cooke, co-founder and president of both Coda Signature and Altum Investments. “This completion of our Series A funding round will accelerate our efforts to take full advantage of this unique moment in history.”
Granite Hall Partners chief investment officer J Patrick Barry said: “We partner with cannabis companies that are emblematic of the industry’s potential, and our investment in Coda Signature is a perfect example of that theme in action.
“The Coda team is truly exceptional and they have constructed a terrific brand, product line, facilities and reputation in the industry.”
Jason Adler, managing member of cannabis-focused private equity firm Gotham Green Partners, added: “We are excited to partner with Coda Signature in this investment round. The Coda management team has clearly demonstrated its ability to succeed in the Colorado market; with differentiated and award-winning products, we are excited to see Coda Signature edibles, topicals and concentrates on the shelves in California this fall.”
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