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.
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