ANN ARBOR – C3 Industries, a vertically integrated multi-state cannabis company based in Ann Arbor, closed a $45 million funding round late last month that will help the company expand from Oregon and Michigan into Massachusetts and Missouri.
The cannabis company co-founded by two University of Michigan graduates said the investment will also help with expansion plans in Oregon and Michigan.
In Massachusetts, C3 is building a 37,000-square-foot cultivation and manufacturing facility and plans to open a retail store in Berlin next year. The company has secured two other retail locations in Massachusetts.
In Missouri, C3 was awarded six licenses, including five retail locations and one manufacturing license. Construction on the full set of properties covered by the licenses will start by the end of the year, with operations slated to begin in the first half of 2021.
In Oregon, C3 has begun construction on an extraction and distillation lab. The company also recently acquired an existing Portland-area store and plans to reopen it in January 2021.
In Michigan, C3 plans to begin construction this winter on an additional 70,000-square-foot cultivation center adjacent to its Webberville facility.
As C3 expands its physical footprint, it also is bolstering its leadership team with the recent hire of Samip Shah as chief operating officer. Shah formerly served as CEO of Ontario, Canada-based Clear Medical Imaging, where he was responsible for the overall management and growth of a network of retail health centers across the southwest portion of the province.
Source: Michigan Marijuana Report