Connecticut Innovations Makes First Cannabis Industry Investment
STAMFORD, Conn., May 6, 2022 /PRNewswire-PRWeb/ -- 1906, a pioneer in cannabis edibles, today announced the company has secured a seven-figure investment from Connecticut Innovations (CI), Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies. It is a first-of-its-kind investment by a state venture fund in a cannabis business.
"Along with our confidence in 1906's future prospects, CI's investment also recognizes the increasingly important role the cannabis industry will continue to play in the economic, health, and social development of the state," said Lauren Carmody, vice president of marketing at Connecticut Innovations. "With its track record of innovation and success, 1906 is a great addition to CI's expanding portfolio. This investment will help accelerate the company's ambitious plans for growth and establish 1906 as the first of many cannabis industry leaders based here in Connecticut."
Widely recognized as a cannabis industry pioneer, 1906 has differentiated itself by setting the highest standards for every aspect of its business, from its fast-acting technology to formulations to R&D to marketing. The company's commitment to patient and consumer advocacy as well as its strong stance on pressing social justice issues has made 1906 a leading voice in the industry.
CI's decision to invest in 1906 was prompted by the company's leadership position as the number one cannabis pill in the U.S., successful revenue generation as well as its commitment to and leadership in the areas of employment, health and wellness, and social justice. The investment aligns with CI's mission to promote innovation and diversity in Connecticut and supports efforts to prioritize public health, public safety, social justice, and equity.
"CI's investment in 1906 is a major milestone for the cannabis industry — institutional investors don't need to wait on the sidelines for changes to federal laws before they participate in the cannabis market (or funding the growth of this industry)," said Peter Barsoom, CEO of 1906. "The investment from CI will help us grow our business in the state and squarely positions 1906 at the center of the cannabis movement in the Northeast at exactly the right time. We are excited to bring 1906 and our products to Connecticut."
Connecticut Innovations joins other investors, including Arcview and Merida, in this current round of funding.
About Connecticut Innovations:
Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.
About 1906:
1906 is a leader in innovative self-care, creating groundbreaking functional formulations combining cannabis and plant medicines, currently available in five states. 1906's lineup delivers six distinctive experiences that promote sleep, energy, arousal, relaxation, cognitive focus, and a happy mood, all in consistently fast-acting formulations using organically-grown, pesticide-free cannabis. User-friendly, portable, and thoughtfully engineered, 1906 products deliver curated effects within 20 minutes—faster than any other edible on the market. The rapid-onset formulations help consumers get the most out of their days and nights while staying pleasantly in control. For more information on 1906, please visit http://www.1906newhighs.com.
Media Contact
Erin Roche, 1906, 347.702.2137, [email protected]
SOURCE Connecticut Innovations
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