ANN ARBOR, Mich., Nov. 4, 2019 /PRNewswire/ -- C3 Industries (C3), a premium cannabis producer and retailer headquartered in Ann Arbor, announced today it has closed a round of private financing, bringing the total amount of capital raised to date to over $25 million. C3 will use the funding to continue to expand in existing markets and to enter new ones.
C3's current business plan includes a three-state strategy of Oregon, Michigan and Massachusetts. The company has also submitted cultivation, processing and retail license applications in the state of Missouri.
C3 will invest more than $25 million in Michigan's cannabis industry between its new 35,000-square-foot cultivation and manufacturing facility, in Webberville, Mich. opening this month, additional production capacity currently under development and a large network of "High Profile" dispensaries across the state.
C3 also will continue to strategically expand its presence in Oregon where it has been operating a 36,000 square-foot cultivation facility for the past 18 months. A new hydrocarbon extraction lab is beginning construction and C3 recently closed an acquisition for the first "High Profile" branded dispensary in Portland, Ore., subject to regulatory approval.
In Franklin, Mass., C3 is beginning construction on a 37,000-square-foot cultivation and manufacturing facility this winter, and is planning to open a retail network in 2020.
"We've been able to leverage our experience in Oregon and replicate it in Michigan, Massachusetts and hopefully soon in Missouri. Our ability to efficiently manage capital and focus on the fundamentals has enabled our company to build a sizeable asset base with a relatively modest amount of capital," said Vishal Rungta, president and CFO, C3 Industries.
The most recent round of funding was led by Madison Square Park Capital (MSP Capital) , an institutional investor based in New York City with a portfolio of investments in the space.
"Larger, more sophisticated investors are entering the cannabis industry as the regulated market continues to mature and thrive," said Ankur Rungta, CEO of C3 Industries. "As part of the investment, one of the principals of MSP Capital will join our board and will add substantial strategic value to C3 by facilitating strategic partnerships with other cannabis companies, capital raising and real estate opportunities."
About C3 Industries
C3 Industries is a premier, vertically integrated cannabis company headquartered in Ann Arbor, Michigan with an award-winning product line, Cloud Cover Cannabis, and a retail network, High Profile. The company produces high-quality cannabis products across all categories in Oregon and Michigan and is soon to launch in Massachusetts. For more information, visit www.c3industries.com.
SOURCE C3 Industries