In California news, Palo Alto’s Plus Products announced on Monday the closing of approximately $6 million in Series B funding to expand operations and meet the growing demand for edibles in the expanding adult-use recreational market on the West Coast. The company, the manufacturer of cannabis-infused products, will use the proceeds to fund rapid production capacity expansion, factory automation, working capital, and new product development. Serruya Private Equity Partners (SPE) and Navy Capital Green Fund LP led the financing.
Operating in the largest adult-use recreational market in the country, Plus Products owns the eighth temporary manufacturing license awarded in California. Moreover, they were one of the first fully compliant brands in the market. According to a statement, all Plus Products branded products are developed in the company’s dedicated food-safe cannabis manufacturing facility in Adelanto, California. The facility, which boasts 12,000 square feet, used funds raised in their 2017 Series A round,