PALO ALTO, Calif., April 09, 2018 (GLOBE NEWSWIRE) -- Plus Products, the cannabis infused products manufacturer, announced today that it has closed approximately $6M in Series B financing to expand its operations and satisfy California’s growing demand for cannabis infused edibles. The financing was led by Serruya Private Equity Partners (SPE) and Navy Capital Green Fund LP. Proceeds will be used to fund rapid production capacity expansion, factory automation, working capital, and new product development.
“We are extremely proud of the products PLUSTM has brought to market,” says Jake Heimark, CEO and cofounder. “We’ve quickly grown into one of the leading edible brands in California. With the proceeds of this round, we will continue to further our mission: to make cannabis safe and approachable for all types of consumers.”
Plus Products received the eighth temporary manufacturing license in California and was one of the first brands to bring fully compliant products to the legal market. All products under the PLUSTM brand are produced in the company’s dedicated food-safe cannabis manufacturing facility in Adelanto, California. The 12,000 square foot facility was outfitted for scalable food production with funds raised in 2017’s Series A round, led by The Green Organic Fund and Verde Mountain Fund.
Edibles are big business in California. According to BDS Analytics, Edibles made up 18% of marijuana retail sales in February 2018 across licensed retailers in California and PLUSTM ranked in the top ten of edible brands by retail dollar sales. With the introduction of adult use recreational sales on January 1st, 2018, it is expected that edible sales will continue to grow rapidly as they did in Colorado and Washington.
“2018 is an historic year for California’s cannabis industry with the official launch of legalized adult use,” said John T. Kaden, Manager and Chief Investment Officer of the Navy Capital Green Fund. “PLUSTM is establishing a leading position in California and has assembled the right management team to execute and succeed in this complex regulated environment."
The team continues to focus on producing branded cannabis products that are compliant with state laws. In addition to its established lines, Plus Products has already begun launching limited edition products including Valentine’s day themed Rose & Vanilla gummies, which were available at select locations of the company’s 200+ dispensaries and delivery service partners.
About Plus Products
Plus Products is a branded cannabis products manufacturer headquartered in Palo Alto, California. The company has introduced fast-acting edibles positioned for a healthy and active lifestyle audience seeking a premium cannabis experience. All products are hand-crafted with high quality ingredients without the gluten and calories found in competing edible products.
About Serruya Private Equity Partners (SPE)
Serruya Private Equity Inc. (SPE) is a Toronto-area based, family managed group that invests capital in a broad range of asset classes, with an emphasis on retail and real estate. SPE’s principals have a legacy of developing national and International brands, and its affiliates include global brands such as Yogen Fruz, Cold Stone Creamery, Pinkberry and Swensens, with over one billion dollars of worldwide system revenue.
About Navy Capital
Navy Capital is a New York City-based investment manager currently deploying its Navy Capital Green Fund LP, which focuses on strategic, long-term investments in legal cannabis and cannabis-related industries.
This press release does not constitute an offer for sale in the United States. The offered Shares have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
MEDIA CONTACT:
Heidi Groshelle
Ingrid Marketing
Tel +1 415.307.1380
heidi@ingridmarketing.com
@heidigro
PLUS CONTACT:
hi@plusproducts.com
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/9e277a0a-b240-4d8c-955d-ec0881110caa