The world’s first single-use, pod-based cannabis vaporizing system announced that it has successfully closed its Series A round of funding. CannaKorp, Inc; a Massachusetts-based technology startup company is simplifying and improving the experience for cannabis patients and consumers, through the development of their single-use pod-based vaporizing system.
With a raise goal of $4 million, Cannakorp found themselves oversubscribed by reaching $4.1 million in funding with Singularity Capital Management as the lead investor, a private equity firm focused on the cannabis industry. This isn’t the first time Cannakorp found themselves oversubscribed. In 2016 during their seed round they raised $1.6 million, currently making this company one of the most well-funded startups in the cannabis industry.
Noted as the Keurig of Cannabis, with it’s clean, easy to use and modern design allows users to comfortably enjoy a convenient and efficient vapor. The CannaCloud™ has a hygienic, one-way valve that is also detachable for easy cleaning. Consumer’s get to choose from various types of sativa, indica, hybrid and CBD only strains that are already pre-grounded into the pods.
With this round of funding, Cannakorp will be using it towards manufacturing, enabling cultivator and dispensary partners as well as go-to-market activities such as launching the Cannacloud in select markets later this year.
“Successfully oversubscribing both our seed and Series A rounds of funding demonstrates the confidence our expanding network of investors has in CannaKorp, and more broadly, in the rapidly growing cannabis industry,” said James Winokur, CannaKorp Co-Founder & CEO.
How did The CannaCloud evolve?
Michael Bourque, inventor of the Cannakorp, found himself a bit overwhelmed when he was prescribed Medical Marijuana. He wanted consistency, standardized packaging and easy administration and no mess. With his engineering background he decided he could invent a solution to a problem he knew many others were having a well.
Michael teamed with Dave Manly, a former VP of Keurig Green Mountain, maker of the pod coffee machine and James Winokur, a technology executive and now the company’s CEO. The trio developed a machine similar to the Keurig coffee maker but for marijuana vaporization.
How to Use The CannaCloud
- Insert your favorite CannaCup strain into the travel mug-like canister
- Place the canister into the CannaCloud and press the button on the display
- In less than a minute, the vessel fills with vapor
This system eliminates smoke, vaporizer filter cleaning and a collection of tools usually associated with cannabis use.
The company’s rolling launch plan will bring the CannaCloud system to multiple states and cities in North America throughout 2017.