One of California’s top cannabis brands has announced today that not only has it raised an impressive amount of money, but that it also has the backing of a number of well-known figures. The San Jose-based Caliva Collective closed a $75 million funding fund from private investors that include former Yahoo CEO Carol Bartz as well as three-time Super Bowl MVP and Hall of Famer, Joe Montana.
The new funds raised would be dedicated to growing the company’s recreational product line, including their marijuana flower beverages and vape cartridges. Since entering the market in 2015, Caliva Collective has quickly become one of California’s leading brands, representing more than 35 percent of the overall US legal cannabis market. Even though the states cannabis economy shrunk 17 percent last year due to increasing regulations, Caliva saw revenue growth of over 350 percent. The company now boasts over 420 employees along with two operating facilities in the Bay area.
“We are laser-focused on our strategy to build the most trusted brand in cannabis. With our best-selling product portfolio, our large-scale vertical integration, and our award-winning distribution channels we are confident we can maintain our growth rates in California in 2019,” said Caliva CEO Dennis O’Malley.
After finding personal relief in using cannabis-derived chronic pain creams, former Yahoo CEO Carol Bartz wound up becoming a supporter of the Californian company, touring their facilities and complimenting the firm’s management and operational style. “This is not an investment in the broad industry – this is an investment in a very good company in a very big industry,” she said according to Forbes. Besides staking her reputation on the firm, Bartz will be joining the company’s board of directors and plans to help their marketing department tackle the stigma of cannabis consumption. “Not everybody wants to go into a dispensary, but they’d like to try the products. We really need to go from word of mouth to real consumer marketing around the wellness products,” she added.
Former NFL Hall of Famer and 49ers quarterback Joe Montana is another fan of the company and one of their initial high profile investors. Since retiring from the league, Montana has been known as an “angel investor” of sorts, supporting a wide variety of firms. “As an investor and supporter, it is my opinion that Caliva’s strong management team will successfully develop and bring to market quality health and wellness products that can provide relief to many people and can make a serious impact on opioid use or addiction,” he added.
While California certainly is a more competitive and established cannabis market, Caliva seems uniquely positioned to take the spotlight and emerge as one of the states top company’s in the years to come.
Caliva Collective Company Profile
Caliva is the market leader in California for branded cannabis products. With it’s best in class facility in San Jose, Caliva produces top quality flower and cannabis oil, manufacturers products and distributes them throughout the state. Caliva branded products can be found at their flagship dispensary in San Jose, dispensaries throughout the state of California. – Caliva