Ann Arbor-based C3 Industries has closed a round of private financing, bringing the total amount of capital raised to date to over $25 million. C3 intends to use the funding to continue to expand in existing markets and to enter new ones.
C3's current business plan includes a three-state strategy of Oregon, Michigan and Massachusetts. The company has also submitted cultivation, processing and retail license applications in the state of Missouri.
C3 expects to invest more than $25 million in Michigan's cannabis industry between its new 35,000-square-foot cultivation and manufacturing facility in Webberville opening this month, additional production capacity currently under development and a large network of dispensaries across the state.
"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 sizeable asset base with a relatively modest amount of capital," said C3 Industries President and CEO Vishal Rungta said in a statement.
The most recent round of funding was led by Madison Square Park Capital, an institutional investor based in New York City with a portfolio of investments in the space.
C3 Industries CEO Ankur Rungta added: "Larger, more sophisticated investors are entering the cannabis industry as the regulated market continues to mature and thrive. As part of the investment, one of the principals of MSP Capital will join our board and will add substantial strategic value to C3 by facilitating strategic partnerships with other cannabis companies, capital raising and real estate opportunities."