MASSACHUSETTS: CannaKorp, makers of the world’s first single-use, pod-based cannabis vaporizing system, announced today that it has successfully closed its Series A round of funding. The company raised a total of $4.1 million on a goal of $4 million. According to a company release, CannaKorp has now raised a total of $5.7 million in 2016, including a seed round earlier in the year that was also oversubscribed ($1.6M raised), making the company one of the most well-funded startups in the cannabis industry.
“Successfully oversubscribing both our seed and Series A rounds of funding demonstrates the confidence our expanding network of investors has in CannaKorp, and more broadly, in the rapidly growing cannabis industry,” said James Winokur, CannaKorp Co-Founder & CEO. “The excitement and momentum continues to build, providing a powerful tailwind for us as we go to market,” Winokur continued.
The funds raised will be used for manufacturing, enabling cultivator and dispensary partners, as well as go-to-market activities such as launching the CannaCloud™ in select markets later this year. The company’s rolling launch plan will bring the CannaCloud system to multiple states and cities in North America throughout 2017.
“CannaKorp is positioned to be a disruptive force in the booming cannabis industry led by one of the most impressive teams in the space,” stated Brett Rentmeester, President and Chief Investment Officer at Singularity Capital Management, and CannaKorp board member.
Singularity Capital Management, the lead investor in CannaKorp’s Series A round, is a private equity firm focused on the cannabis industry.
CannaKorp achieved significant milestones in 2016 such as completing early manufacturing stages, appointing several industry leaders to its board of advisors, and expanding its partner ecosystem in multiple US states and in Canada. “We are excited about introducing our CannaCloud in 2017,” Winokur said. “Thanks to our investors, the CannaKorp team is eager to put that capital to good use so patients and consumers, especially our faithful followers, can enjoy a more convenient, consistent and high-quality cannabis experience,” Winokur concluded.