Capital from Investment Groups Granite Hall Partners, Gotham Green
Partners, MAZAKALI and Salveo Capital to Propel Coda Signature’s Growth
in North America
OAKLAND, Calif.–(BUSINESS WIRE)–#cannabis—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.
Contacts
Sarah Thorson
Grasslands: A Journalism-Minded Agency
[email protected]
609-234-8531
