A California-based cannabis infused products manufacturer on Monday closed a roughly $6 million Series B capital raise in the latest sign of rapid growth in that sector of the marijuana industry.
Plus Products, headquartered in Palo Alto, announced in a news release it intends to invest the moneyin automation, product development and expansion of its production capabilities.
The funding round was led by Toronto-based Serruya Private Equity Partners and New York-based Navy Capital Green Fund.
Serruya has also invested in global ice cream and frozen yogurt brands such as Cold Stone Creamery, Pinkberry, Swensen’s and Yogen Fruz.
Navy Capital has made numerous international investments in the cannabis sector.
Plus Products, which received the eighth temporary manufacturing license in California, has a 12,000-square-foot production facility in Adelanto in Southern California.
The facility was outfitted from capital raised in a 2017 Series A round led by The Green Organic Fund and Verde Mountain Fund, the company said.
Edibles made up 18% of marijuana for licensed California retailers in February 2018, according to BDS Analytics research quoted in the release.