Cannabis supplier Burb announces $4M funding round
The company plans to add cannabis retail stores in British Columbia and to support the launch of its private label, Burb-branded cannabis products across Canada and into California.
Vancouver-based Burb Cannabis Corp. has successfully closed its $4-million Series A funding round, led by Connecticut-based private equity group KarpReilly, and with participation from American record label 300 Entertainment CEO and co-founder Kevin Liles.
In a Sept. 22 news release, officials with Burb say they plan to use the capital to increase Burb’s network of cannabis retail stores in British Columbia and to support the launch of its private label, Burb-branded cannabis products across Canada and into California.
The funding round closes on the heels of the company’s newly signed consumer packaged goods brand licensing agreements with Canadian cannabis producers Citizen Stash and California-based cannabis group Martin Holdings.
“We’re pleased to have launched our first Burb flower SKUs in the province of Ontario, with strong retail and consumer demand, as well as consistent sell-through and re-orders from the OCS,” said co-founder and CEO John Kaye. “Our next milestone will be to release our first two proprietary flower genetics into the California market with our California partners this month at Hall of Flowers in Santa Rosa on September 22.”
Burb currently operates three licensed cannabis retail stores in Vancouver’s lower mainland and recently received its fourth retail license in the city of Vancouver. The company has a pipeline of B.C.-based stores under lease with licenses pending, in order to open and operate up to eight stores in the province.