Plus Products to increase US operations for cannabis foods

US-based Plus Products is planning to expand its operations in order to meet the growing demand for its cannabis-infused edibles.

As part of the expansion, Plus Products has closed nearly $6m in Series B financing, which was led by Serruya Private Equity Partners (SPE) and Navy Capital Green Fund.

Proceeds will be used by the company to enhance its production capacity, and factory automation, as well as new product development.

Plus Products co-founder and CEO Jake Heimark said: “We are extremely proud of the products Plus has brought to market.

“We’ve quickly grown into one of the leading edible brands in California. With the proceeds of this round, we will continue to further our mission: to make cannabis safe and approachable for all types of consumers.”

Headquartered in Palo Alto, California, Plus Products received the eighth temporary manufacturing licence in California and is said to be one of the first brands in the country to introduce fully compliant products to the legal market.

Last year, the California-based company raised funds through Series A financing round, which was led by the Green Organic Fund and Verde Mountain Fund.

The company has used the funding raised last year to improve its 12,000ft² food-safe cannabis manufacturing facility in Adelanto, California.

Navy Capital Green Fund manager and chief investment officer John Kaden said: “2018 is a historic year for California’s cannabis industry with the official launch of legalised adult use.

“Plus is establishing a leading position in California and has assembled the right management team to execute and succeed in this complex regulated environment.”

Plus Products has started launching limited edition products that include Valentine’s day themed rose and vanilla gummies, and intends to continue its focus on producing branded cannabis products that are compliant with state laws.