Michigan marijuana firm raises $16.5 million to fuel growth

C3 Industries, a cannabis producer and retailer based in Ann Arbor, Michigan, raised $16.5 million in private financing, allowing it to expand into existing markets and enter a new one.

C3, which has raised more than $25 million this year, including the last financing round, said Monday it plans to expand operations in Massachusetts, Michigan and Oregon and enter the medical marijuana market in Missouri.

Madison Square Park Capital, an institutional investor based in New York City, led the most recent financing round.

The privately held C3 plans to invest more than $25 million in the Michigan market, where the regulators began accepting applications for adult-use MJ licenses.

Expansion plans by C3 include:

• Additional production capacity in Michigan, where it already has a 35,000-square-foot cultivation and manufacturing facility. The company also will open a network of its dispensaries, branded as High Profile, across Michigan.
• Construction of a hydrocarbon extraction lab in Oregon, where the company has a 36,000-square-foot cultivation facility. C3 also plans a High Profile retail store in Portland, Oregon.
• Construction of a 37,000-square-foot cultivation and manufacturing facility in Franklin, Massachusetts. The project is underway and coincides with C3’s plans to launch a retail network next year.

The company also has submitted applications for cultivation, processing and retail medical MJ licenses in Missouri.

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