Cannabis Company Coda Signature Closes $24.4 Million Series A Funding Round
Forbes - Javier Hasse - Senior Contributor
Coda Signature, a cannabis-infused edibles, topicals, and concentrates maker, best known for its chocolates and truffles – included in this year’s Oscar gift bags, will be receiving a big injection of capital.
According to information shared exclusively, Coda’s parent company, Altum Investments, will announce later today that it has closed a $24.4 million Series A funding round, led by Granite Hall Partners, with participation of Gotham Green Partners, Mazakali, and Salveo Capital, some of the top investment firms in the cannabis space.
The company said the proceeds from the raise will be used to continue to expand the Coda Signature brand into other North American markets, as well as to fund “strategic additions to the management team.”
Coda Signature representatives also revealed the company will be launching operations from a 20,000 square-foot facility in Oakland, California, this coming July. The debut is expected to create more than 50 new jobs before the end of the year.
Commenting on the raise, J. Patrick Barry, Chief Investment Officer of Granite Hall Partners, said his fund partners with cannabis companies that are “emblematic of the industry’s potential,” adding Coda is a perfect example of this. “The Coda team is truly exceptional and they have constructed a terrific brand, product line, facilities and reputation in the industry.”
In an exclusive conversation, Sumit Mehta, CEO of Mazakali, said, “The cannabis market and investment community continue to favor artisanal scalability, product quality, experiential consistency, inventory reliability and envious execution… These qualities have been core drivers to CODA Signature’s demonstrated success in Colorado and will remain essential as industry fragmentation cedes to eventual consolidation. Effective mindshare capture will lead to growing wallet-share as CODA expands across California and beyond, an immensely gratifying and well deserved outcome for a high caliber management and execution team.”
The cannabis market and investment community continue to favor artisanal scalability, product quality, experiential consistency, inventory reliability and envious execution”
Mark Grindeland, co-founder and CEO of Coda Signature, also highlighted the support the company received from the investment community, calling it “a testament to the strength of the Coda Signature brand… 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.”