California Distributor Petalfast Raises $8 Million to Boost Expansion

California-based marijuana distribution business Petalfast closed on an $8 million funding round, which the company said will give it more flexibility to pursue national expansion opportunities.

Petalfast, which has already expanded into Arizona and Massachusetts, said the new funding injection will spur its growth through the “West, Midwest, and Eastern U.S.”

The funding round was led by a group of family offices, including stakeholders that have a background in alcohol distribution, according to a press release.

“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 company stated.

CEO Jason Vegotsky said that the new group of Petalfast investors have a combined 75 years of experience in “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.”

The post California Distributor Petalfast Raises $8 Million to Boost Expansion appeared first on Green Market Report.

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