Cannabis Vertical C3 Industries Gets $16M Investment For Grow In Connecticut

ANN ARBOR – C3 Industries, a milti-state cannabis company headquartered in Ann Arbor, has received a $16 million investment in a grow facility in Connecticut. C3 also has operations in Illinois, Michigan, Missouri, Massachusetts and New Jersey.

The investment was made by New Lake Capital Partners, the second transacction with C3, having partnered with C3 on a cultivation facility in Missouri.

“We are proud to once again partner with NewLake Capital Partners on our new cultivation and processing facility in Connecticut,” said Ankur Rungta, CEO and cofounder of C3 Industries, said in a press release. He was not available for an interview. “By developing this facility, we plan to not just produce cannabis, but to also drive economic development and job creation in the local community as well as the broader state.”

New Lake President and CEO Anthony Coniglio said this investment “demonstrates our underwriting focus on quality properties in limited licensed states and on transactions with strong property level cash flows. We look forward to C3 broadening its footprint in Connecticut, a market that is currently in short supply of product.”

Founded in 2018 by brothers Ankur and Vishal Rungta, C3 currently has cannabis operations in Illinois, Michigan, Missouri, Massachusetts and New Jersey.  The Connecticut facility will produce C3’s premium cannabis brands such as Cloud Cover, Galactic, and Habitat with the highest standards of quality and innovation.

Read more at https://c3industries.com/