Illinois craft marijuana producer Cannect Wellness raised $7 million in its second equity funding round, executives told MJBizDaily.
According to finance experts, capital raises in the cannabis sector have been slow over the past year, due, in part, to the expense of debt financing.
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Cannect Wellness’ latest funding round brings the company’s total equity financing to $14.5 million as it continues to expand both operations and product offerings, adding edibles, pre-rolls and solventless concentrates to its existing product line of flower, live resin and Secret Sauce, a concentrate consumed with vape hardware.
“We want to bring in new genetics and grow new strains and expand our offerings on flower,” Gabe Singal, Cannect Wellness’ co-founder and CEO, told MJBizDaily.
Plans for funding
The $7.5
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