Coda Signature Raises $6M To Finance Development, Including US Expansion
Coda Signature, a producer of cannabis-infused edibles and topicals, announced a $6-million funding round Wednesday.
The idea is to raise money to support three company objectives:
- Expansion across the U.S.;
- Research and development of new products;
- Getting industry professionals to its team.
The round was led by Coda’s existing investors, Granite Hall Partners, Gotham Green Partners and Salveo Capital.
“On behalf of the Coda team, I thank investors for their ongoing confidence and commitment,” Lisa McClung, Coda's president and CEO, said in a statement.
“This is a very exciting time to be part of the cannabis industry, and I believe Coda is well-positioned to play an important role in introducing new consumers to cannabis by making it accessible and helping them discover the unlimited potential of the plant’s benefits to improve their lives.”
McClung, who became a board member at Coda last March and CEO in October, brought 25 years of professional experience in managing the development of popular brands.
She was involved in the William Wrigley Jr. Company’s biggest product expansion, and has also created business units for the General Electric Company (NYSE: GE) that later became GE Healthcare.
“We are buoyed by the leadership and direction being provided by CEO Lisa McClung, who has brought CPG discipline and corporate best-practices to Coda,” Jim Flanigan, co-founder and managing director at Granite Hall Partners, said in a statement. “The company is well-positioned to leverage its legacy of technological innovation to bring new products to market and for rapid expansion into new states.”
At the moment, Coda signature’s products can be found in more than 800 dispensaries in California and Colorado.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.