About five years ago, CBDs and cannabis dominated the headlines as tech startups flocked to the space after some US states legalized the sale of recreational cannabis. Then in 2020, investors pulled back from the space and set their sights on cryptocurrency and NFTs.
However, the cannabis space is alive and well. Cannabis startups continue to thrive. One of these startups is Cannect Wellness, a Chicago-based tech startup and a craft marijuana grower that cultivates and manufactures premium craft cannabis.
On Wednesday, Cannect Wellness announced it has closed a $7.5 million in equity funding to launch in Illinois. The funds will be used, in part, to complete the construction of phase one of their 62,000-square-foot, state-of-the-art cultivation and product manufacturing facility located just outside of Chicago.
One of the initial Craft Grower licenses granted by the State of Illinois was received by Cannect Wellness. The company is presently in the process of constructing its facilities and plans to start its operations in the next few months. As a result, Cannect Wellness is likely to become one of the first licensees in the state to begin operating as a Craft Grower.
“We are thrilled to introduce our unique blend of craft cannabis to the Illinois market,” said Gabe Singal, CEO and Co-Founder of Cannect Wellness. “Our company was founded, born and raised in Illinois. This is a dynamic and thriving market, and we are 100% committed to creating a Craft Grower success story here.”
Cannect Wellness’ focus on small-batch, craft cultivation, and product manufacturing sets it apart from larger, more industrial producers in the market.
“Our team is committed to producing the purest and highest quality products you can find,” Singal said. “We utilize sustainable, organic cultivation practices that not only produce top-quality flower but are also environmentally friendly. We believe that the cannabis industry has the potential to be a force for good in communities across the country. We are dedicated to doing our part to make that happen in Illinois,” he added.
In a statement, Jerry Costello II, Director of the Illinois Department of Agriculture, said: “The Department is pleased to see the continued successes of investing in an equitable cannabis market in Illinois. Illinois leads the nation in supporting social equity and undoing some of the harms of the war on drugs, and that can be seen here in a Craft Grower licensee cohort that are 100% social equity applicants. The Department will continue to partner with our licensees to ensure a successful and equitable Illinois cannabis market.”
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- Source: https://techstartups.com/2023/03/23/cannabis-startup-cannect-wellness-raises-7-5m-in-funding-to-launch-in-illinois/
