Canndescent, a major California cultivation company, has closed a $10 million Series B offering to finance the launch of new products and expand its production capacity by some eightfold.
The lead investors in the raise are Floret Ventures, a San Francisco-based consultancy and investment firm, and Altitude Investment Partners in New York.
Santa Barbara-based Canndescent plans to open its second cultivation facility Thursday, a move that will quadruple the grower’s production space to 48,000 square feet, the company said in a news release.
The company, which opened a production facility in Desert Hot Springs in 2016, did not disclose the site of the new facility.
Canndescent anticipates opening a third facility later this year, which would bring its production space to more than 100,000 square feet, according to the release. It did not specify the site of that facility.