RIVERSIDE, Calif., Oct. 19, 2021 (GLOBE NEWSWIRE) -- Claybourne Industries Inc. ("Claybourne Co.") one of California's leading cannabis brands by retail sales, today announced the closing of $17.5 million in new funding. The Series A equity financing of $10 million was led by Green Acre Capital ("GAC"), with additional participation by groups of high-net-worth individuals, most with cannabis industry experience. The debt financing was comprised of a $5 million working capital line of credit from Bespoke Financial and $2.5 million in equipment financing.
Tyler Stuart, Co-Founder and Managing Partner of GAC, states "We are excited to be partnering with this entrepreneurial and professional management team to help accelerate their profitable growth model. The market share they have captured in a short period of time in the highly competitive California market has been very impressive."
Nick Ortega, CEO & Co-Founder adds "Claybourne is a friends and family owned and operated business that has been self-funded with only $3 million in capital previously. This bootstrap philosophy since inception in Q4 of 2018 has allowed us to achieve rapid revenue and profit growth, all in the California market. With our strengthened capital base, we look forward to expanding into other states with a focus on open markets, no license caps, no residency requirements and the potential for sustained growth."
Claybourne's growth has been driven by rapid new product development in the flower space, lean operations, and science-based breeding and cultivation. According to Headset, Claybourne is ranked as the #3 flower brand in California by retail sales, and the #12 brand overall year-to-date in 2021. The new funding will drive significant gross margin expansion through the build-out of a 45,000 square foot, state-of-the-art cultivation facility in Perris, California. It will also expedite proprietary genetics and accelerate national expansion into promising markets outside of California. Investment in new products will focus on expanding the Claybourne Flyers™ line of pre-rolls and Claybourne Eagle Extracts™ line of concentrates.
About Claybourne Co.
Founded in 2017, Claybourne is a market leading cannabis breeder, cultivator, and retail brand that is known for its broad line of flower, pre-roll and concentrate products. Claybourne's mission is to produce the highest quality, flower-based cannabis products that are accessible to a wide range of consumers. Claybourne sells through independent retailers, and operates no company-owned stores. For more information visit www.claybourneco.com, follow us on Instagram @claybourne_co or connect with us on LinkedIn.
Media Contact:
Nick Ortega
Claybourne Industries Inc
951-675-4508
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