CannaKorp is a Stoneham-based startup that has earned the title of "Keurig for weed" because of the single-use, pod-based cannabis vaporizing system it has developed, and investors are starting to line up.
The startup announced on Thursday that it has closed a $4.1 million Series A led by private equity firm Singularity Capital Management, which focuses on the cannabis industry. This brings total funding to $5.7 million.
The funding will be used to launch its CannaCloud vaporizing system in select markets later this year, as well as manufacturing and working with dispensary and cultivator partners. It's expected to become available in multiple states and cities in North America throughout 2017 as part of a rolling launch plan.
In-depth news coverage of the Greater Boston Area.
"Successfully oversubscribing both our seed and Series A rounds of funding demonstrates the confidence our expanding network of investors has in CannaKorp, and more broadly, in the rapidly growing cannabis industry," James Winokur, CannaKorp co-founder and CEO, said in a statement. "The excitement and momentum continues to build, providing a powerful tailwind for us as we go to market."
CannaKorp says it reached some significant milestones in 2016, including completing the early manufacturing stages, adding several industry leaders to its board of advisers and expanding its partner ecosystem in the United States and Canada.
More BostInno Stories: