Canndescent, a Santa Barbara, Calif.-based cultivator of premium cannabis, raised $27.5m in Series C funding.
The round was led by Green Acre Capital, with participation from Carnegie Arch Capital, Senterra, LLC, Altitude Investment Management, JW Asset Management and a multinational beer company from Asia.
The company intends to use the funds to expand into vapes and ingestibles, grow in Massachusetts, Nevada, Canada and beyond, deepen its investments in both of its brands – Canndescent in the ultra-premium segment, and goodbrands in the middle market.
Led by Adrian Sedlin, CEO, Canndescent is a cultivator of cannabis products selling its flowers under the names, Calm, Cruise, Create, Connect and Charge. The company has also launched its brands into other product categories, vapes and ingestibles, and geo markets.
Currently, consumers can purchase its products in California and Nevada.