Palo Alto-based cannabis-infused edibles brand Plus Products closed an approximately $6M in Series B financing to expand its operations. The financing was led by Serruya Private Equity Partners (SPE) and Navy Capital Green Fund LP. The money from the capital raise will be used to fund rapid production capacity expansion, factory automation, working capital, and new product development.
“We are extremely proud of the products PLUS has brought to market,” said Jake Heimark, CEO, and co-founder. “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.”
Edibles have proven to be big winners among the recreational consumer in California. According to BDS Analytics, edible products have accounted for 18% of marijuana retail sales in February 2018 across licensed retailers in California. One of the biggest