CannaKorp Inc , the 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 CannaKorp has now raised a total of $5 7 million in , including a seed round earlier in the year that was also oversubscribed ($1 M 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 amp CEO The excitement and momentum continues to build providing a powerful tailwind for us as we go to market Winokur continued
The complete system from CannaKorp includes the ground-breaking vaporizer device CannaCloud(TM single-use pre-measured pods containing ground lab tested cannabis called CannaCloud Pods(TM and an automated processing and filling machine the CannaMatic(TM
CannaKorp has developed the World’s First Single-Use Pod-Based Cannabis Vaporizing SystemThe complete system from CannaKorp includes the ground-breaking vaporizer device CannaCloud(TM single-use pre-measured pods containing ground lab tested cannabis called CannaCloud Pods(TM and an automated processing and filling machine the CannaMatic(TM
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 ‘ 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
About CannaKorp
CannaKorp Inc is a Massachusetts-based technology start-up company that is simplifying and improving the experience for cannabis patients and consumers CannaKorp has developed the world’s first single-use pod-based vaporizing system delivering unprecedented quality convenience and consistency The complete system includes the ground-breaking vaporizer device CannaCloud single-use pre-measured pods containing ground lab tested cannabis called CannaCloud Pods and an automated processing and filling machine the CannaMatic
CannaKorp Inc was founded on care and commitment to patients and consumers and is guided by a philosophy of social and environmental responsibility Uniquely positioned to address a significant and important market need CannaKorp is currently seeking investors and partners who share its vision of bringing a revolutionary new approach to this rapidly expanding industry
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