Cannabis-infused snacks maker Coda Signature has secured US$24.4m in funding to expand into “emerging” North American markets.
The Series A funding was sourced by Altum Investments, which is led by its president Elizabeth Cooke and who is also the president and co-founder of Coda Signature, along with chief executive Mark Grindeland. Participants in the round included Granite Hall Partners, Gotham Green Partners, Mazakali and Salveo Capital.
Coda Signature was launched in Colorado in 2016, and is licensed in the state as well as California. The company will open a new 20,000 square-foot site in Oakland in July, and plans to take on around 50 workers before the year-end. It is also seeking to expand into Canada, one of the emerging North American markets it is targeting.
As well as cannabis-infused edibles, the firm also produces topicals and concentrates distributed in more than 600 chemists in Colarado. Some of the funds will also be used for additions to the management team.
Its snacks product line-up features CBD- and THC-infused milk and dark chocolate bars, and truffles. The company also supplies cannabis oils and skin-related products.
Cooke said: “The growing momentum behind the legal cannabis movement is astonishing. This completion of our series A funding round will accelerate our efforts to take full advantage of this unique moment in history.”
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Her business partner Grindeland, who is also a co-founder of Altum, added: “The support we have received from the investment community is a testament to the strength of the Coda Signature brand. 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.”