New funding to support national expansion of Petalfast’s distribution platform for cannabis brands
IRVINE, CA / ACCESSWIRE / January 18, 2024 / Petalfast, a leading national sales, marketing and distribution platform for the cannabis industry, announced it has closed approximately $8 million in non-dilutive strategic equity financing led by a group of family offices with extensive and diverse holdings, including beverage alcohol distribution. Petalfast represents emerging and established cannabis brands, selling into and through retail channels in California, and, in recent months, has successfully launched its services in Arizona and Massachusetts. The proceeds from this financing round will further bolster the expansion of the Company’s high-performing sales team and retail engagement services into additional adult-use recreational cannabis legal markets, expanding the Company’s geographic footprint in the West, Midwest, and Eastern U.S.
Since its 2020 launch in California, Petalfast has amassed a diverse portfolio of high-profile brands available through its extensive network of retailers. Pulling together best practices from the food and beverage industries, the Company provides established and up-and-coming cannabis brands with unparalleled opportunities for growth. With the rapid expansion of legal access to cannabis products, competition is steadily increasing across the country. To help combat this in the race to scale, Petalfast is reimagining route-to-market and distribution strategies for cannabis brands nationally, arming them for a hyper-competitive landscape. The additional funding will support Petalfast’s launches in new states, thereby helping leading cannabis brands scale their sales and distribution efforts through a trusted national ecosystem.
"The Petalfast team’s background is rooted in the adult beverage, natural food, and consumer packaged goods industries, so I couldn’t think of better capital partners to propel this company into a new era of growth," said Petalfast CEO Jason Vegotsky. "Our new investors and board members have over 75 years of experience navigating the complexities of highly regulated industries, and this investment is a testament to their confidence in the go-to-market approach we provide our portfolio of brands and validates the long-term value of our services. We are excited to leverage their learnings, systems and technology to continue building the best-in-class distribution platform for the cannabis sector."
Consumer consumption behavior of cannabis and beverages, including alcohol, has morphed and evolved over the past few years as state-level cannabis legalization movements expand across the United States. With that expansion, there is an opportunity for other highly regulated consumer-led sectors, including beverage alcohol, to share their knowledge and experience, adding value and responsible growth to the cannabis space. Petalfast is a clear leader in route-through-market strategy and implementation, fostering strong relationships and bridging gaps among brands, retailers and consumers. "With the recent headwinds in the cannabis space and macro-economy, we are delighted to have secured strong strategic partners, which, combined with a healthy balance sheet and our high-performing team of professionals, will propel our growth in the coming years," said Petalfast COO/General Counsel Arun Kurichety.
About Petalfast
Petalfast is a leading national sales, marketing and distribution platform for the cannabis industry. The Company represents emerging and established cannabis brands, selling into and through retail channels in California, Arizona and Massachusetts. Notable cannabis brands already engaged in the Petalfast platform include Lime, Seven Leaves, Bloom Brands, Solis, Humo and Yada Yada. Through its comprehensive agency of services, Petalfast provides brands with direct access to leading retailers, valuable feedback from buyers and the opportunity to gain market share. The Company is currently expanding its high-performing sales team and retail engagement services into additional legal cannabis markets throughout the United States.
Contact Information:
Petalfast Media
pr@petalfast.com
SOURCE: Petalfast
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