Petalfast, a California-based cannabis sales, marketing and distribution company, raised roughly $8 million from investors, including private family offices.
Privately held Petalfast did not reveal the terms of the financing or the identities of the investors.
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The company described the capital raise as “non-dilutive strategic equity financing led by a group of family offices with extensive and diverse holdings, including beverage alcohol distribution.”
Irvine-based Petalfast operates in its home state, Arizona and Massachusetts.
The new capital “will further bolster the expansion of the company’s high-performing sales team and retail engagement services into additional adult-use recreational cannabis legal markets, expanding the company’s geographic footprint in the West, Midwest, and Eastern U.S.,” Petalfast noted in a news release.
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