Cannabis brand 1906 said Monday it has closed an $18-million funding round led by Navy Capital.
The round was supported by the company’s current investors, several institutions and individuals.
The company said it plans to use the funds to support its launch in Illinois, Michigan and Massachusetts.
"Navy Capital's investment in 1906 reflects our belief that it is one of the best brands in the country," Sean Stiefel, a Navy Capital portfolio manager, said in a statement.
"We are very impressed with the company whose fast acting formulations represent the cutting edge of cannabis. Our investment will help 1906 become one of the leading brands in the new adult use markets of Illinois, Massachusetts and Michigan."
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The company also announced the launch of its pressed tablets, Drops.
Drops are the only pill on the market that combines plant medicine and medicinal cannabis, the company said The tablets take effect in less than 20 minutes, according to 1906.
Photo courtesy of 1906.
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