California marijuana grower Canndescent closes $10M raise to boost output

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.

Leave a Reply

Your email address will not be published. Required fields are marked *