INDUS Holding Company a company based out of Salinas, California has announced this morning that their company has raised $46 million in a Series B financing round that officially closed on October 25, 2018. A series B financing is the second round of financing conducted by a company when a pervious financing round (series A) has been met and closed by investors.
The original goal of their series B financing was to raise $15 million dollars. Their CEO, Robert Weakly, was forced by investor interest to increase INDUS’s funding round to a total of $46 million from March 2018 to September 2018.
INDUS Holding Company plans to use the raised funds to grow their current operations involved in the cultivation, extraction, manufacturing, sales, marketing, and distribution of licensed cannabis products.
Since 2014, their company has successfully launched a number of different cannabis brands including Altai Brands, Dixie, Moon, Beboe, Acme Elixirs, and Legal. INDUS has also expanded their cultivation facility to a total of 225,000 sq. ft. as well as have moved their corporate office into a 15,000 sq. ft. facility in California.
“This is our largest round of financing to date, and its success speaks not only to the incredible growth of this industry, but also to our position as a vertically-integrated organization that proudly embraces regulatory compliance while serving as one of the leading cannabis producers and distributors in California,” aid Co-Founder and Chief Executive Officer Robert Weakley.