C3 Industries (C3), a Ann Arbor, MI-based premium cannabis producer and retailer, closed a round of private financing, bringing the total amount of capital raised to date to over $25m.
The round was led by Madison Square Park Capital (MSP Capital) , an institutional investor based in New York City.
The company intends to use the funds to continue to expand in existing markets and to enter new ones.
Led by Ankur Rungta, CEO, Vishal Rungta, President and CFO, Joel Ruggiero, Chief Horticulture Officer, C3 Industries is a premier, vertically integrated cannabis company with an product line, called Cloud Cover Cannabis and a retail network, called High Profile. The company’s current business plan includes a three-state strategy of Oregon, Michigan and Massachusetts. The company has also submitted cultivation, processing and retail license applications in the state of Missouri.
C3 will invest more than $25m in Michigan’s cannabis industry between its new 35,000-square-foot cultivation and manufacturing facility, in Webberville, Mich. opening this month, additional production capacity currently under development and a large network of dispensaries across the state.
The company also will continue to expand its presence in Oregon where it has been operating a 36,000 square-foot cultivation facility for the past 18 months. A new hydrocarbon extraction lab is beginning construction and C3 recently closed an acquisition for the first branded dispensary in Portland, Ore., subject to regulatory approval.
In Franklin, Mass., the company is beginning construction on a 37,000-square-foot cultivation and manufacturing facility this winter, and is planning to open a retail network in 2020.