C3 Industries is an Ann Arbor, Mich.-based multi-state, vertically integrated cannabis company that produces the Cloud Cover Cannabis brand and operates the High Profile retail network. The company produces products across all categories in Oregon and Michigan and is preparing launches in Massachusetts and Missouri. It currently has eleven retail locations fully approved in Michigan and multiple additional locations under development. C3 has previously closed more than $40M in private rounds, bringing total capital raised to roughly $65M to date. The company intends to use the new funds to accelerate expansion in existing markets, enter new states organically and via M&A, and invest in its team, brands and business infrastructure as it scales. C3 Industries is a vertically integrated cannabis company producing and retailing premium cannabis products under the Cloud Cover Cannabis brand and operating a retail network called High Profile. Led by Ankur Rungta (CEO), Vishal Rungta (President and CFO) and Joel Ruggiero (Chief Horticulture Officer), the company runs cultivation and manufacturing facilities and is pursuing branded dispensaries. The company plans a three‑state strategy focused on Oregon, Michigan and Massachusetts and has submitted cultivation, processing and retail license applications in Missouri. C3 is expanding capacity: a new 35,000-square-foot cultivation and manufacturing facility in Webberville, Mich. is opening this month, additional production capacity is under development, and a 37,000-square-foot Franklin, Mass. facility is beginning construction. In Oregon it operates a 36,000-square-foot cultivation facility (operating for the past 18 months), is beginning construction on a hydrocarbon extraction lab, and recently closed an acquisition for a branded dispensary in Portland subject to regulatory approval. Financially, the company closed a round of private financing and has raised more than $25m in total capital to date; it intends to use funds to continue expanding in existing markets and enter new ones.

Total raised

$25M

Funding rounds

2

Latest round

Equity

Latest activity

Jul 2021