California cannabis company Indus closes $46 million raise for expansion

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California marijuana supplier Indus Holding Co. has closed a $46 million funding round – capital that will be used to bolster the firm’s cultivation and distribution operations.

The Series B funding round brought in more than triple Indus’ original target of $15 million, the result of high investor interest, the company said in a news release.

Proceeds from the Series B funding round will be used to finance continued expansion of the firm’s cultivation, extraction, manufacturing and distribution operations.

The vertically integrated firm recently expanded its cultivation operations into a 225,000-square-foot facility and a new 15,000-square-foot distribution center near its Salinas headquarters.

Launched in 2014, Indus supplies cannabis to licensed retailers across California.