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Cannabis firm Coda Signature raises $24.4M in Series A funding round

Author : Paroma Bhattacharya | Published Date : 2019-06-13 

The Colorado-based Coda Signatures – a manufacturer of cannabis infused edibles, concentrates and topicals – has reportedly raised USD 24.4 million in the Series A funding round led by Granite Hill Partners.

As per trusted sources, Mazakali, Salveo Capital and Gotham Green Partners were among the other top investing firms from the cannabis sector who participated in the funding round.

Coda Signature would use the funds to expand its operations in other North American markets and to fund strategic positions in the management of the firm. Reportedly, the company is also planning to launch operations from a 20,000-square foot plant in California this July. The new plant is expected to create 50 new jobs in the firm by the end of this year.

Mark Grindeland, Co- founder and CEO of Coda Signature, reportedly stated that the monetary support the company has received will add to the strength of Coda. With fresh investments pumping in, the company plans to work on product innovations in edibles, concentrates and topicals, Grindeland further added.

According to the industry experts, the key drivers behind Coda Signature’s success have been the inventory reliability, product quality, continuous experimentation and the artisanal scalability which is essential as industry fragmentation will eventually make way for consolidation. Reportedly, the company consists of highly focused management and execution team which is helping the company expand across California.

J. Patrick Berry, the Chief Investment Officer at Granite Hill Partners, was reportedly quoted stating that funding the cannabis producing companies like Coda Signatures is a great decision as Coda Signature has emerged as a reputed brand among its competitors by focusing on their product quality, facilities and enhancing the brand.

As per reliable sources, the terms of deal have not been disclosed so far.  

 

Source: https://www.forbes.com/sites/javierhasse/2019/06/12/cannabis-company-coda-signature-closes-24-4m-series-a-funding-round/#22fb04a508b4

About Author

Paroma Bhattacharya

Paroma Bhattacharya

Paroma Bhattacharya, having completed her post-graduation in Journalism and Mass Communication, started her career in writing with resourceful and informative content development across diverse fields. Having dealt in myriad topics ranging from business to real estate, she now pens down articles for fractovia.org and other portals. She can be contacted at- [email protected] | https://twitter.com/paromab1

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