ANN ARBOR, Mich., Nov. 18, 2020 /PRNewswire/ — C3 Industries (C3), a multi-state, vertically integrated cannabis company, has closed another round of private financing, bringing the total amount of capital raised to date to approximately $45 million. C3 is using the funding to continue expansion plans in Oregon and Michigan and to launch operations in Massachusetts and Missouri.
In Oregon, C3 operates a 36,000 sq.-ft. cultivation center in Portland and has begun construction on an extraction and distillation lab for that facility. Additionally, C3 recently acquired an existing Portland-area dispensary and will rebrand it High Profile Boutique Cannabis. The dispensary is expected to reopen in January 2021.
In Michigan, C3 currently operates a 36,000 sq.-ft. cultivation and manufacturing center in Webberville, which has produced some of the highest quality flower and concentrate products in the state since its launch in late 2019. This winter, C3 plans to begin construction on an additional 70,000-sq.-ft. cultivation center adjacent to the current Webberville facility to help meet the growing demand for high-quality cannabis throughout the state. C3’s retail presence in Michigan includes five High Profile Boutique Cannabis dispensaries and the company plans to open an additional three by early 2021. Longer-term plans include the opening of up to 12 locations in total by the end of 2021.
In Massachusetts, C3 has begun constructing a 37,000 sq.-ft. cultivation and manufacturing facility and will open its first High Profile Boutique Cannabis dispensary in Berlin, Massachusetts, next year. The company has secured two other retail locations in Massachusetts, which it expects to have licensed by the end of the year, giving it the maximum of three retail licenses allowed under Massachusetts state regulations.
In the highly competitive Missouri licensing process, C3 was awarded six licenses, including five retail locations and one manufacturing license. Construction on the full set of licenses will commence in Q4, with operations slated to begin in the first half of 2021.
“We have been incredibly methodical in developing strategic growth plans in multiple markets and combining that growth with efficient capital structuring and operational infrastructure,” said Vishal Rungta, president and CFO, C3 Industries. “Our successful execution, meaningful profitability and cash generation, and focus on fundamentals has attracted a strong network of private investors who continue to support our growth initiatives. This is demonstrated by our most recent capital raise, where the company was able to secure an attractive interest rate with limited warranty coverage, a significant accomplishment relative to the pricing in the broader market.”
As the company expands its physical footprint, it also is expanding its leadership team with the recent hire of Samip Shah to fill the role of chief operating officer. Formerly, Shah served as CEO of Clear Medical Imaging where he was responsible for the overall management and growth of a network of retail health centers across southwest Ontario, Canada. While in the role, Shah doubled clinic revenue in less than three years, restructured the organization, built a powerhouse leadership team and expanded the organization from 60 to 120 employees to support continued growth. He also has extensive experience in digital business innovation, with prior experience at the digital marketing and advertising firm Digitas.
“Samip is the ideal addition to the team as we continue to scale the business and expand across multiple markets. We are excited to welcome him to the C3 executive team and believe the timing couldn’t be better as our business continues to scale,” Rungta added.
“I couldn’t be more excited to be joining C3 at this pivotal time in the company’s growth and evolution. Vishal, the other co-founders, Ankur Rungta and Joel Ruggiero, and the entire C3 team have done an incredible job building a fast-growing, profitable business in multiple cannabis markets. I see incredible opportunity to collaborate with the entire C3 team to take to take the business to the next level,” said Samip Shah.
About C3 Industries
C3 Industries is a multi-state, vertically integrated cannabis company headquartered in Ann Arbor, Michigan, with several product brands including the award-winning Cloud Cover Cannabis and Galactic Meds, and a retail network, High Profile Boutique Cannabis. The company produces high-quality cannabis products across all categories in Oregon and Michigan and is soon to launch in Massachusetts and Missouri. For more information, visit www.c3industries.com.
Additional information about High Profile Boutique Cannabis can be found by signing up for the company’s newsletters at www.highprofilecannabis.com and on Instagram at @highprofileofficial. Additional information on Cloud Cover Cannabis can be found at www.cloudcovercannabis.com and @cloudcovercannabis on Instagram. Galactic Meds information can be found on Instagram at @galactic_meds.
SOURCE C3 Industries