Cannabis marketer, distributor Petalfast raises $8 million from family offices

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Petalfast, a California-based cannabis sales, marketing and distribution company, raised roughly $8 million from investors, including private family offices.

Privately held Petalfast did not reveal the terms of the financing or the identities of the investors.

The company described the capital raise as “non-dilutive strategic equity financing led by a group of family offices with extensive and diverse holdings, including beverage alcohol distribution.”

Irvine-based Petalfast operates in its home state, Arizona and Massachusetts.

The new capital “will further bolster the expansion of the company’s high-performing sales team and retail engagement services into additional adult-use recreational cannabis legal markets, expanding the company’s geographic footprint in the West, Midwest, and Eastern U.S.,” Petalfast noted in a news release.

The funding terms involve new board members for Petalfast, CEO Jason Vegotsky said in a statement.

“Our new investors and board members have over 75 years of experience navigating the complexities of highly regulated industries,” he said, “and this investment is a testament to their confidence in the go-to-market approach we provide our portfolio of brands and validates the long-term value of our services.”