The Ann Arbor, Michigan-based cannabis company C3 Industries, said Monday it has completed a private financing round that brings its total capital raised to date to more than $25 million.
The latest funding round was led by an New York-based institutional investor, Madison Square Park Capital.
The company said it plans to use the funding to support its development in the current markets as well as to enter the new ones.
C3 Industries has a three-state strategy encompassing Michigan, Massachusetts and Oregon. The company said it has applied for a processing, cultivation and retail license in Missouri.
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"We've been able to leverage our experience in Oregon and replicate it in Michigan, Massachusetts and hopefully soon in Missouri. Our ability to efficiently manage capital and focus on the fundamentals has enabled our company to build a sizable asset base with a relatively modest amount of capital," Vishal Rungta, president and CFO of C3 Industries, said in a statement.
Ankur Rungta, the company’s CEO, said that one of the principals of MSP Capital will join the company’s board and “will add substantial strategic value to C3 by facilitating strategic partnerships with other cannabis companies, capital raising and real estate opportunities."
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