Luxury cannabis brand Coda Signature California closed on a $24.4 million round of Series A funding. Altum Investments is the parent company of The Grow Foundry California, which goes by the name of Coda. The company said that the funds will be used to accelerate expansion into emerging North American markets for Coda Signature-branded premium cannabis-infused edibles, topicals and concentrates. In addition to that, the money will also be used for strategic additions to the management team.
“The support we have received from the investment community is a testament to the strength of the Coda Signature brand,” said Mark Grindeland, Co-Founder, and CEO of Coda Signature, as well as Co-Founder of Altum Investments. “With the upcoming launch in California and new product innovations in edibles, topicals and concentrates on their way, it’s a perfect time to target expansion in new regions.”
Coda Signature was launched in Colorado in March 2016 and since then the company has gone on to receive 17 industry awards, gained No. 1-ranking market share in Colorado for adult-use edibles, according to market-research firm BDS Analytics, and has been recognized by MG Retailer as one of the top 50 places to work in cannabis. The products are available in over 600 dispensaries in Colorado.
As part of the expansion plans, Coda Signature California will launch operations in July from a 20,000 square-foot facility in Oakland with plans to add more than 50 jobs through the end of 2019. Coda Signature is currently licensed in California and Colorado.
Coda Signature worked with Granite Hall Partners as the lead investor and syndicated the round with additional investment from leading firms in the cannabis industry Gotham Green Partners, MAZAKALI and Salveo Capital.
J. Patrick Barry, Chief Investment Officer of Granite Hall Partners, the lead investor group on the raise said, “The Coda team is truly exceptional and they have constructed a terrific brand, product line, facilities and reputation in the industry.”
“Coda Signature has proven incredibly successful at navigating the Colorado cannabis landscape,” added Sumit Mehta, CEO of MAZAKALI. “Their prospects for meaningful market share capture in California are supported by a high-caliber team, manufacturing excellence, production scalability, and quality reputation. We look forward to their continued success.”