As states continue to legalize cannabis across the U.S, the $12 billion market is attracting significantly more investment from firms looking to capitalize on the potential for profits. One major brand, Coda Signature, recently closed a $24.4 million Series A round of funding, a major feat that will help the Colorado-based company expand within the North American market that has seen growth through direct selling companies.
Coda Signature specializes in cannabis-infused edibles, topicals, and concentrates that are currently sold in Colorado, but plans are in place to expand availability by selling within eight other states where recreational marijuana is now legal, including California. The company is renowned as a leader for their award-winning products, as shown by their 17 industry awards and title as No. 1 in market share in Colorado for adult-use edibles.
The marijuana market is also a source of employment for many and Coda Signature is an indicator of the economic potential as they intend to add more than 50 jobs at their new Oakland facility in July. Coda also hopes to grow their management team, a strategic move that will help the company navigate the California cannabis market, scale up production, and deliver quality products.
The support we have received from the investment community is a testament to the strength of the Coda Signature brand,” said Mark Grindeland, Co-Founder and CEO of Coda Signature in a press statement. “With the upcoming launch in California and new product innovations in edibles, topicals, and concentrates on their way, it’s a perfect time to target expansion in new regions.”
