Salinas, Calif., June 11, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Sparx Cannabis, a vertically-integrated, family-owned and California-grown cannabis lifestyle company, announced today the completion of the Company’s Series A funding round with $10 million raised through private funding.
The funding comes at a vital time in Sparx Cannabis’ growth strategy. The Company plans to utilize the funds raised in their Series A round to continue to build out facilities and further their reach within the state of California to serve more customers. Funds raised will go toward the build-out and management of a manufacturing building called Sparx Distillery and the build-out of a distribution center. Additionally, the funds will be utilized to further promote the Sparx Cannabis brand as well as upgrading and running current Sparx Cannabis cultivation sites.
California cannabis sales continue to increase and some estimates forecast the state will have up to $11 billion in sales by the next decade, according to The Motley Fool.
“California is the largest adult use cannabis market in the world and with this Series A round of funding, Sparx Cannabis can reach more customers, providing them with an incredible product they deserve by a company they can trust,” said Sparx Cannabis Co-Founder and President Jared Helfant. “This round will help us further develop all facets of our company and we are incredibly thankful to our private investors who each bring valuable knowledge and insight into the company from various backgrounds.“
The Series A funding will also allow Sparx Cannabis to employ more residents of California’s central coast as additional employees will be needed to fill the infrastructures once build-out is complete.
Helfant continued, “One of Sparx Cannabis’ main goals is to give back to the community we are part of and these funds help us do just this. We expect to hire more hard-working individuals of all experience and backgrounds to help elevate the Sparx brand as we continue to grow.”
To learn more about Sparx Cannabis, visit www.sparxcannabis.com.
About Sparx Cannabis
Sparx Cannabis is a vertically-integrated, family owned and operated cannabis cultivation and distribution company. With multiple cannabis business licenses and over 100,000 square feet of operational space on the Central California Coast, Sparx Cannabis is the premium flower producer for the everyday cannabis consumer. Sparx Cannabis is dedicated to being a leader in the industry by implementing multiple high-tech and eco-friendly practices throughout its technologically-advanced greenhouses and facilities.
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