Caliva, the privately held California cannabis company, said Thursday that it has closed its first round of funding at an oversubscribed amount of $75 million.
Participating in the funding round are Carol Bartz, the former CEO of Yahoo Inc, and Joe Montana, the former NFL quarterback and a three-time Super Bowl most valuable player. Bartz will serve on Caliva's board of directors, having been a director at Cisco Systems Inc (NASDAQ:CSCO).
San Jose-based Caliva said in a statement that it will use the money to increase its product portfolio and expand its reach to Californians through its branded retail stores, expanded wholesale distribution and direct-to-consumer channels.
"I know great opportunities when I see them," Bartz said in the statement. "I believe that Caliva will be the first true large-scale consumer product company in the US cannabis industry."
Caliva said it has become a market leader in cannabis consumer products in California, which represents more than 35% of the US legal cannabis market.
The company employs more than 440 workers and has two operating locations in the San Francisco Bay Area.
Montana added that Caliva's management team will successfully develop “quality health and wellness products that can provide relief to many people and can make a serious impact on opioid use or addiction."
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