Connected Cannabis Raises $30M In Round Led By Navy Capital, One Tower Group; Plans National Expansion
Cannabis cultivator Connected International Inc., also known as Connected Cannabis, confirmed Wednesday it has completed a $30 million capital raise.
The raise consisted of debt and equity financing.
It was led by current investors Navy Capital and One Tower Group, who welcomed new investors, such as Emerald Park Capital, an affiliate of Bryant Park Capital, and Presidio View Capital.
"We're thrilled to bring Emerald Park Capital and Presidio View Capital into the Connected family and welcome back our long-term partners that have supported our company's mission from the very beginning," Sam Ghods, CEO of Connected, stated.
Why It Matters
A Sacramento, California-based cannabis producer, Connected Cannabis plans to use the newly acquired capital to speed up its national expansion and to support its state-of-the-art growing procedures.
Currently, it has operations across California and Arizona.
Management said it feels most attracted to cannabis states with notable potential for continued market development, like Nevada, which boasts leisure activities and cannabis tourism. Michigan, which has been showing a steady rise in sales, also fits the mold.
The company is known for its proprietary genetic portfolio, high-quality strains and studious cannabis cultivation principles, and is often dubbed as the pioneer of “designer weed.”
And, according to Ghods, the company will remain loyal to its commitment with producing "top-quality flower," a practice that "has resulted in impressive growth and unwavering customer loyalty.
"That same commitment and quality that we've prided ourselves on from day one will stay with us as we enter additional states. We look forward to bringing our true product and brand to consumers in new markets – that is our highest priority every time we look at expansion," he added.
Last July the company successfully raised $25 million in a Series A round.
Connected Cannabis has seen a 68% year-over-year growth, with 75% revenue CAGR through 2021, and is EBITDA positive.
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