C3 Industries, a cannabis producer and retailer based in Ann Arbor, Michigan, raised $16.5 million in private financing, allowing it to expand into existing markets and enter a new one.
Madison Square Park Capital, an institutional investor based in New York City, led the most recent financing round.
The privately held C3 plans to invest more than $25 million in the Michigan market, where the regulators began accepting applications for adult-use MJ licenses.
Expansion plans by C3 include:
- Additional production capacity in Michigan, where it already has a 35,000-square-foot cultivation and manufacturing facility. The company also will open a network of its dispensaries, branded as High Profile, across Michigan.
- Construction of a hydrocarbon extraction lab in Oregon, where the company has a 36,000-square-foot cultivation facility. C3 also plans a High Profile retail store in Portland, Oregon.
- Construction of a 37,000-square-foot cultivation and manufacturing facility in Franklin, Massachusetts. The project is underway and coincides with C3’s plans to launch a retail network next year.
The company also has submitted applications for cultivation, processing and retail medical MJ licenses in Missouri.
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