4

Colorado Edibles Brand Secures $6 Million in Funding to Expand

Coda Signature's infused chocolate carries flavor notes like coffee and doughnuts, blood orange and cayenne, or caramel and popcorn.EXPAND
Coda Signature's infused chocolate carries flavor notes like coffee and doughnuts, blood orange and cayenne, or caramel and popcorn.
Courtesy of Coda Signature
^
Keep Westword Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Denver and help keep the future of Westword free.

Coda Signature, a Colorado-based edibles brand, is gearing up for more expansion.

In a February 2 release, Coda announced an additional $6 million in funding from investment partners for North American expansion, as well as new hiring efforts and research and development into potential products.

Founded in 2015, Coda built its reputation on truffles and deluxe chocolate bars — with flavor notes like coffee and doughnuts, blood orange and cayenne, or caramel and popcorn — but has since branched out to making infused fruit gummies, hot chocolate on a spoon and even bath bombs (which actually get you high, by the way). The company's products are now sold at over 600 marijuana retailers across Colorado.

In 2019, Coda announced a $24.4 million round of Series A funding and launched operations in California several months later, opening a 20,000-square-foot facility in Oakland. The company hasn't announced another funding round since, but three of its four early investors — Granite Hall Partners, Gotham Green Partners and Salveo Capital — were reportedly responsible for Coda's latest cash infusion.

The announcement quotes Lisa McClung, who replaced co-founder Mark Grindeland as Coda CEO and president last fall: “This is a very exciting time to be part of the cannabis industry, and I believe Coda is well-positioned to play an important role in introducing new consumers to cannabis by making it accessible and helping them discover the unlimited potential of the plant’s benefits to improve their lives."

Coda has not revealed where it will expand, but there are many markets to choose from. In addition to Colorado, fifteen states have legalized recreational marijuana, with several others poised to join the group in 2021 — and that's not counting Canada, where commercial pot is federally legal. According to one of Coda's investors, however, America may remain the brand's target for now.

In that same announcement, Granite Hall Partners notes, “The company is well-positioned to leverage its legacy of technological innovation to bring new products to market and for rapid expansion into new states."

Coda Signature has not yet responded to our request for more information.

Keep Westword Free... Since we started Westword, it has been defined as the free, independent voice of Denver, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Denver with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

 

Join the Westword community and help support independent local journalism in Denver.

 

Join the Westword community and help support independent local journalism in Denver.