Sweet Flower raises $15 million to fund the launch of its flagship store in Culver City, Calif
LOS ANGELES, March 29, 2021 /PRNewswire/ -- Investment gives Sweet Flower funding to rapidly expand across California, launch manufacturing and distribution verticals and new retail brand.
Sweet Flower, Southern California's leading cannabis retailer ("Sweet Flower" or "the Company") announced today that the Company has successfully raised $15 million of equity in its first external raise. Led by AFI Capital Partners, investors also include leaders in retail, media, entertainment and finance.
The investment positions Sweet Flower to rapidly scale its expansion, including the launch of its flagship store in Culver City, the launch of its manufacturing and distribution vertical hub in downtown Los Angeles, the roll-out of its sub-brand of retail stores in new markets throughout California, and the roll-out of its private label program.
"As Sweet Flower continues to build the best-in-class retail and delivery footprint in Southern California, creating the most recognized and respected retail brand in the largest sector of the largest regulated cannabis marketplace in the world, the investment announced today provides the financial backing to rapidly scale our store growth and reach, building significant equity in the Sweet Flower brand," said Timothy Dodd, Sweet Flower's CEO and co-founder. "Our ability to win new premium licenses and launch new stores while doubling same-store revenues YoY speaks to the strength, bench depth and focus of our management team."
About Sweet Flower - Sweet Flower is Southern California's leading cannabis retailer, with multiple locations throughout greater Los Angeles, including Hollywood, the Downtown Los Angeles Arts District, Studio City and Westwood, with additional new stores slated to open in 2021. Sweet Flower provides delivery across all of Los Angeles through its proprietary branded delivery service. Sweet Flower is committed to giving back to the communities it serves, to operating openly and transparently, and to hiring inclusively and diversely.
This press release contains "forward-looking information" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects the current beliefs of Sweet Flower and is based on information currently available to Sweet Flower and on assumptions that Sweet Flower believes are reasonable. Such forward-looking information contained in this news release represents the expectations of Sweet Flower as of the date of this news release and, accordingly, is subject to change after such date. However, Sweet Flower expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Sweet Flower Related Links https://sweetflower.com/