Connecticut Innovations (CI), Connecticut’s strategic venture capital arm, has completed a seven-figure investment in cannabis edibles company 1906. This is a first-of-its-kind investment by a state venture fund in a cannabis business.
Why Did CI Invest In 1906?
“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.”
According to CI’s team, the decision to invest in 1906 was prompted by the company’s leadership position as the producer of the number-one cannabis pill in the U.S., its successful revenue generation capabilities, and its commitment to employment, health, 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.
