Cannabis Company On The Move: Michigan's C3 Industries Raises $25M On Heels Of $40M In Series Of Private Rounds
Ann Arbor-based cannabis company C3 Industries announced Friday the close of a substantially oversubscribed $25 million capital raise.
Founded by two brothers Ankur and Vishal Rungta and their childhood friend, Joel Ruggiero, C3 had previously raised more than $40 million in a series of private rounds.
The expansion of C3 Industries, which includes its cultivation and processing facilities in Michigan and Oregon, its product brand Cloud Cover Cannabis and its High Profile retail network, has been completely organic thus far, without any M&A.
The under-the-radar company will use the additional funding to expand its footprint in its existing markets (Michigan, Oregon, Missouri, and soon Massachusetts), to enter new states both organically and through strategic and pragmatic M&A, and to invest in its team and infrastructure as it continues to scale. By 2022, C3 plans to have roughly 250,000 sq. ft. of cultivation space and 25 retail locations.
“We're thrilled to watch the expansion of C3 take place and the support and interest we've received from investors allows us the opportunity for strategic additions to our capital stack,” Vishal Rungta, president and CFO of C3 Industries, told Benzinga. “Our operations remained efficient throughout the pandemic, with zero loss of assets or team members, and we remain well structured in our plans for expansion. We look forward to continued growth and opportunities as cannabis legalization continues to evolve."
Chetan Gulati, partner of Navy Capital, one of the company’s investors, added, “We're delighted to watch C3 Industries continue on its path to expansion and are pleased to support what we think is one of the best management teams in the industry. We see overwhelming opportunity on the horizon for C3 and look forward to watching their rising success as additional markets open up in the industry.”
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