Canndescent Closes $27.5M Investment Round Led by Green Acre Capital

California-based cannabis company Canndescent announced the closing of $27.5 million in Series C preferred funding round on Tuesday.

Canadian venture fund Green Acre Capital led the investment round.

Notable investors in the funding round include Altitude Investment Management, Carnegie Arch Capital, JW Asset Management, Senterra, LLC. and a multinational beer company from Asia. DelMorgan & Co. and Benchmark have taken financial advisor roles, the company said. 

The funding will be used to support the company’s development of vapes and "ingestibles" and expansion plans in Nevada, Massachusetts and Canada, according to Canndescent. 

"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," CEO Adrian Sedlin said in a statement.

"Executing to plan, we just broke our previous revenue record last month by 38% and will drive to profitability in 2020."

Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.

Tyler Stuart, the managing director of Green Acre Capital, said the company has made Canndescent an anchor investment for its second fund. Managing Director of Green Acre Capital commented on its support of the company:

"Canndescent's exceptional products, execution and forward-thinking leadership will definitely earn it a significant stake in the future of the cannabis industry." 

Canndescent is known as California’s No. 1-selling luxury flower brands and offers its products across California and Nevada.

Green Acre Capital is a private investment fund concentrated solely on the medical and recreational cannabis industry.

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter