Connected International Co., which does business as Connected Cannabis, said it closed on a $30 million capital raise that will bankroll national expansion plans.
According to a news release, the California-based, vertically integrated company expanded into the Arizona market in late 2020 and plans to “focus on states with robust cannabis cultures and promising potential for sustained growth” such as Nevada and Michigan.
Existing investors Navy Capital and One Tower Group led the debt and equity funding along with participation from new investors Emerald Park Capital, an affiliate of Bryant Park Capital, and Presidio View Capital.
Connected, which focuses on the cultivation and retail aspects of the industry, completed a $25 million capital raise in 2019 and since then has experienced 68% year-over-year growth, according to the release.
The company said its November expansion into Arizona has resulted in “continuously high sales.”