Petalfast Inc. has announced the closing of a $2.8 million capital raise in connection with its latest round of Series A funding led by Merida Capital Holdings. The funding provides Petalfast with the opportunity to strengthen and accelerate its role as the full-spectrum solution for both established and up-and-coming cannabis brands seeking to launch and grow their businesses in California and beyond.
The cannabis industry has evolved significantly over the past few years, and in the last year alone has experienced rapid growth as laws and regulations have evolved to reflect consumer mindset and behavior. The Petalfast team believes that as the industry continues to progress toward legalization, the success of cannabis products will be determined by how well they are able to connect and communicate with consumers.
“In creating Petalfast, we knew we were building something unique – a new go-to-market approach for how cannabis brands communicate and how they can launch and grow their audiences, and therefore their businesses. The cannabis industry, as we know it today, is still a relatively young category with so much potential. With more regulatory reform and an increasing number of states opening the door to cannabis, more people are exploring brands and products than ever before. Petalfast provides a framework for these brands, one rooted in our team’s adult beverage background and our expertise in cannabis, to connect with today’s consumers and members of the trade in a brand-appropriate way, to solidify marketing efforts through unique and creative programs, and to leverage our portfolio approach to sales,” shared Petalfast’s CEO Jason Vegotsky.
Founded by cannabis industry veterans Vegotsky and COO/General Counsel Arun Kurichety, Petalfast is a first-of-its-kind full spectrum sales and marketing agency for the cannabis industry. Following an acquisition of the cannabis division of marketing agency, A.P. Keaton, the Petalfast marketing team is led by CMO Ryan Goldstein, who separately remains CEO of A.P. Keaton. Boasting a diverse portfolio of brands, Petalfast highlights the creative product offerings available in the cannabis space while helping brands build greater success. The accelerator portfolio approach is a key differentiator for Petalfast, significantly changing the way a cannabis brand can launch, scale, and establish itself in the market.
“We appreciate all the work Merida Capital Holdings and our other capital partners have done in helping us reach this exciting moment,” added Kurichety. “With this new funding, Petalfast is poised to strengthen our support of current brands and welcome new brands to the portfolio. The possibilities are endless.”
Merida Capital Holdings, a private equity firm targeting fundamental growth drivers underpinning the rapid development of the cannabis industry, closed the round. Other funds that participated in the raise include Arcadian Capital Management, Genesis Venture Investments, and WGD Capital.
“Our excitement at leading a second round of funding for Petalfast is a testament to the incredible success they have achieved since its founding only a short time ago,” said Merida Capital Holdings Managing Partner Mitch Baruchowitz. “Merida is always looking for companies with low barriers to explosive growth that are accelerating through the critical transition into that upward expansion. Petalfast is a perfect example of this and with other experienced cannabis investors on board, we believe Petalfast has a bright future as a leading service provider for brands as the industry normalizes.”
For additional information, please visit www.petalfast.com or https://www.prnewswire.com/news-releases/petalfast-closes-2-8-million-round-of-funding-led-by-merida-capital-holdings-301294946.html.