US (CA): California-based firm completes $16M investment round

Viola has closed a $16 million funding round led by Gotham Green Partners. The investment firm, known for its financial support of some of the most reputable cannabis companies in the industry, is the first institutional investment in the company.

"This latest round of funding will assist with the acquisition of a 34,500 sq. ft cultivation, processing and distribution facility in Adelanto, California as well as the completion of Viola’s 48,000 sq. ft facility in Detroit, Michigan," the team with the company explains. "The funds will also enable Viola to continue to advance the growth of the company’s personnel with key new hires that will continue to establish Viola as a leader in the cannabis marketplace."

Viola emerged on the scene with a commitment to making an impact by promoting social equity through increasing minority participation in the cannabis industry and positively impacting communities by reinvesting in individuals most affected by the war on drugs. Viola raised $15 million prior to this round of funding, which enabled the company to grow its product offerings and footprint within the cannabis industry. The company is currently operating in California, Colorado, Oregon and Michigan, with plans to expand into Maryland, Nevada and Arizona in 2020.

“We are thrilled to be aligned with Viola as the company expands its lifestyle brand into new markets,” said Jason Adler, Managing Member of Gotham Green Partners. “As the firm’s visionary, Al has successfully launched the concept and subsequently surrounded himself with a top-notch management team. Further, Al’s background and the company’s mission resonate with a broad and engaged consumer base, and we are excited to see Viola products on more retail shelves across the country.”

For more information:
Viola
violabrands.com  


Publication date:



Receive the daily newsletter in your email for free | Click here


Other news in this sector:


© MMJDaily.com 2019

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber