USA – Coda Signature, a leading brand of premium, cannabis-infused edibles, topicals and concentrates has closed US$24.4 million Series A funding round led by Granite Hall Partners.
The funding round which looks to accelerate expansion into emerging North American markets also received backing from Gotham Green Partners, Mazakali and Salveo Capital.
In addition to adding strategic additions to the management team, the company is looking to expand its operations, serving the medicinal and adult-use customers in the market.
According to a Forbes report, the company will be launching operations from a 20,000 square-foot facility in Oakland, California in July and this is expected to create more than 50 new jobs before the end of the year.
“The growing momentum behind the legal cannabis movement is astonishing,” said Elizabeth Cooke, co-founder and president of both Coda Signature and Altum Investments.
“This completion of our Series A funding round will accelerate our efforts to take full advantage of this unique moment in history.”
Founded in 2015, Coda Signature is owned by Altum Investments, a national real estate investment company and sells a range of cannabis-infused truffles and chocolate bars, which are available across Colorado.
The firm which is looking to expand to California and Canada produces brands such as Coffee & Doughnuts, Cream & Crumble and Maple & Pecan.
Last year, the company extended its artisan craftsmanship into a full line of medicinal edibles.
“We partner with cannabis companies that are emblematic of the industry’s potential, and our investment in Coda Signature is a perfect example of that theme in action,” said Granite Hall Partners chief investment officer J Patrick Barry.
“The Coda team is truly exceptional, and they have constructed a terrific brand, product line, facilities and reputation in the industry.”
Jason Adler, managing member of cannabis-focused private equity firm Gotham Green Partners, said: “We are excited to partner with Coda Signature in this investment round.
“The Coda management team has clearly demonstrated its ability to succeed in the Colorado market; with differentiated and award-winning products, we are excited to see Coda Signature edibles, topicals and concentrates on the shelves in California this fall.”