San Jose cannabis company Caliva is proving that weed’s still hot, even as some marketplaces cool off.
The company is announcing a $75 million round of investment that includes participation from former Yahoo CEO Carol Bartz and football legend Joe Montana. If that pair seemed unlikely, it just goes to show that cannabis attracts an eclectic mix.
With what the company itself had referred to as a “war chest,” Caliva intends to expand its portfolio of products as well as ramping up its efforts courting cannabis users in California through a mix of branded brick and mortar stores, direct to customer marketings and sales to distributors. While state regulations slowed the overall market over the last year, Caliva grew its revenues by 350 percent, growing its company to 440 workers.
A general partner at Liquid 2 Ventures, Montana isn’t new to cannabis investing. In 2017, the former quarterback engaged in a seed round for Herb, a cannabis-focused media company. Given situations of extreme toll pro sports take over the human body, it’s not uncommon for former athletes to get involved in the cannabis business, particularly with CBD products.
” As an investor and advocate, it is my opinion that Caliva’s strong management team will successfully develop and bring to marketplace quality health and wellness products that can provide relief to many people and can make a serious impact on opioid use or addiction ,” Montana said of his interest in the cannabis industry.
Caliva currently operates a popular retail locating situated conveniently for Silicon Valley’s droves of weed acolytes, but the company is more than just a well-liked dispensary. Beyond merely carrying popular brands, Caliva sells its own products at its own stores — everything from vape pen petroleum cartridges to pre-rolls — in addition to operates a distribution center nearby.
” I know great opportunities when I assure them ,” said Bartz, who will also join the company’s board.