OAKLAND, Calif.--(BUSINESS WIRE)--Altum Investments, parent company of The Grow Foundry California (d/b/a Coda Signature California), announced today that it has closed a $24.4 million round of Series A funding. The funds will be used to accelerate expansion into emerging North American markets for Coda Signature-branded premium cannabis-infused edibles, topicals and concentrates. Proceeds from the raise will also be used for strategic additions to the management team.
Coda Signature worked with Granite Hall Partners as the lead investor and syndicated the round with additional investment from leading firms in the cannabis industry Gotham Green Partners, MAZAKALI and Salveo Capital.
In July, Coda Signature California will launch operations from a 20,000 square-foot facility in Oakland with plans to add more than 50 jobs through the end of 2019. Coda Signature is currently licensed in California and Colorado. The company’s award-winning products are available at over 600 dispensaries in Colorado.
Cannabis Infused-Products Sector Holds Appeal for Investment Groups
“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 J. Patrick Barry, Chief Investment Officer of Granite Hall Partners, the lead investor group on the raise. “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, noted: “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.”
“Coda Signature has proven incredibly successful at navigating the Colorado cannabis landscape,” added Sumit Mehta, CEO of MAZAKALI. “Their prospects for meaningful market share capture in California are supported by a high-caliber team, manufacturing excellence, production scalability and quality reputation. We look forward to their continued success.”
Michael Gruber, Managing Partner of Salveo Capital, said: “As the regulatory environment continues to evolve, companies that are in market, executing and delivering results will be increasingly valuable. We are confident that Coda Signature has what it takes to excel in the quarters to come.”
Coda Signature: An Award-Winning Brand With Global Ambitions
Since Coda Signature launched in Colorado in March 2016, the company has received 17 industry awards, gained No. 1-ranking market share in Colorado for adult-use edibles, according to market-research firm BDS Analytics, and has been recognized by MG Retailer as one of the top 50 places to work in cannabis.
“The support we have received from the investment community is a testament to the strength of the Coda Signature brand,” said Mark Grindeland, Co-Founder and CEO of Coda Signature, as well as Co-Founder of Altum Investments. “With the upcoming launch in California and new product innovations in edibles, topicals and concentrates on their way, it’s a perfect time to target expansion in new regions.”
Elizabeth Cooke, the Co-Founder and President of both Coda Signature and Altum Investments, concluded, “The growing momentum behind the legal cannabis movement is astonishing. This completion of our Series A funding round will accelerate our efforts to take full advantage of this unique moment in history.”
About Coda Signature
Coda Signature crafts premium cannabis-infused edibles, topicals and concentrates for medicinal and adult-use markets. Recognized as a leading innovator in product development, Coda Signature features bold flavor combinations and rejuvenating formulas made from only the highest-quality, natural ingredients. Founded in 2015, the company has garnered numerous awards for its products, which are currently available in over 600 dispensaries across Colorado. Coda Signature is currently pursuing expansion into other emerging markets in North America, including California and Canada. To learn more, visit www.codasignature.com.