fbpx
QQQ
+ 2.07
321.70
+ 0.64%
DIA
+ 0.05
311.72
+ 0.02%
SPY
+ 0.25
383.55
+ 0.07%
TLT
-1.11
153.57
-0.73%
GLD
-0.42
175.79
-0.24%

C3 Industries Closes Funding Round, Brings Total Capital Raised To $25M

November 4, 2019 2:02 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
C3 Industries Closes Funding Round, Brings Total Capital Raised To $25M

The Ann Arbor, Michigan-based cannabis company C3 Industries, said Monday it has completed a private financing round that brings its total capital raised to date to more than $25 million.

The latest funding round was led by an New York-based institutional investor, Madison Square Park Capital.

The company said it plans to use the funding to support its development in the current markets as well as to enter the new ones.

C3 Industries has a three-state strategy encompassing Michigan, Massachusetts and Oregon. The company said it has applied for a processing, cultivation and retail license in Missouri.

Want to hear exclusive updates on the adult-use licensing process? Check out the next meetup with MRA Executive Director, Andrew Brisbo on Dec. 18 at the Benzinga Headquarters! Get your tickets here before they sell out! 

"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 sizable asset base with a relatively modest amount of capital," Vishal Rungta, president and CFO of C3 Industries, said in a statement.

Ankur Rungta, the company’s CEO, said that one of the principals of MSP Capital will join the company’s board and “will add substantial strategic value to C3 by facilitating strategic partnerships with other cannabis companies, capital raising and real estate opportunities."


Related Articles

Namaste Sells Units, Collects Gross Proceeds Of CA$23M

E-commerce cannabis platform Namaste Technologies Inc. (TSXV: N) (OTCQB: NXTTF) closed its “bought deal” public offering, collecting total gross proceeds of CA$23 million. read more

The Blinc Group Closes $1.5M Pre-Series A Bridge Round

Vaporizer technologies company The Blinc Group, Inc. announced Thursday the closing of a pre-Series A bridge financing of $1.5 million. The round was led by Equitas Partners Fund, WGD Capital, LP, and 7thirty Capital. CEO and co-founder Arnaud Dumas de Rauly says proceeds from the raise will be used to: read more

Vext Science Upsizes Bought Deal Public Offering To Raise $18M

Vertically integrated CBD company Vext Science Inc. (CSE: VEXT) (OTCQX: VEXTF) is poised to raise $18 million through a bought deal offering of its units. read more

RWB Completes Cash Payments For $35M Platinum Vape Acquisition

Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) has wrapped up its purchase of Platinum Vape. read more