Cannabis Distributor Petalfast Secures $8M Funding For Nationwide Market Expansion

Cannabis marketing and distribution platform Petalfast has closed roughly $8 million in a non-dilutive strategic equity financing round.

Led by a group of family offices with extensive and diverse holdings, including beverage alcohol distribution, the financing round is expected to help the California company expand its high-performing sales team and retail engagement services into additional adult-use recreational cannabis legal markets, expanding its presence in the West, Midwest, and Eastern U.S.

Petalfast CEO Jason Vegotsky praised the move.

"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," Vegotsky said. "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."

See also: Petalfast, Cannabis Sales And Marketing Agency, Raises $2.8M In Round Led By Merida Capital

Petalfast is behind several cannabis brands selling to and through retail channels in the Golden State, such as Lime, Sip Elixirs, Ciencia Labs, Hello Again and VetCBD, to name a few.

The company has also been offering its services in Arizona via a partnership with Consensus Holdings and in Massachusetts through collaboration with cannabis businesses such as Freshly Baked.

Petalfast reimagines "route-to-market and distribution strategies for cannabis brands nationally, arming them for a hyper-competitive landscape," the company noted in a press release on Thursday.

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