Cannabis Startup Caliva Raises $75 Million
Caliva, one of the largest vertically integrated cannabis companies in California, closed its first round of funding at an over-subscribed amount of $75 million. Carol Bartz, former CEO of Yahoo and Autodesk and former Cisco board member, along with three-time Super Bowl MVP and Pro-Football Hall of Famer Joe Montana, participated in Caliva’s initial round of funding. Bartz will serve on Caliva’s board of directors.
According to the company, Caliva has quickly become a market leader in cannabis consumer products in California, which represents more than 35 percent of the overall United States legal cannabis market. While California’s cannabis economy shrunk by 17 percent year over year due to expanding regulations, Caliva grew its revenues by 350 percent. The company now employs over 440 workers and has two current operating locations in the Bay Area.
Caliva plans to use the investment to grow its product portfolio and expand its reach to California consumers through its own branded retail stores, expanded wholesale distribution, and through direct-to-consumer channels.