Resonate Blends Inc., a Calabasas-based cannabis and wellness lifestyle company, has closed on a $500,000 bridge funding round with two unnamed investors.
The bridge funding will help Resonate bring two new formulations of its Koan Cordial product line to the market, according to a statement.
Koan Cordials are water-soluble cannabis liquid mixtures made up of cannabinoids, terpenes and botanicals. The cordials give targeted feelings, such as “Calm” and “Wonder,” to the consumer. The two soon-to-be-released cordials that the funding will help are “Love,” which is expected to launch on Valentine’s Day, and “Sleep,” slated for release in March.
Proceeds will also help launch all eight Koan blends in a new Cordial single-package, which according to a statement, is in response to dispensary requests to be able to offer Koan Cordials as a register impulse product.
Resonate’s investment in its internal sales team will also receive a boost as the company is in the process of adding a dispensary representative for the Northern California region after recently hiring a representative for Southern California.
“We are very proud of the company we have built over the past 18 months,” Geoffrey Selzer, Resonate’s chief executive, said in a statement. “We remained true to two of our core values that value-added brands are the future of cannabis and that innovation in this market is about refining the qualitative aspects of the experience.”
The company is finalizing production of a 100 ml multi-serving bottle that will reduce cost per serving by 60 percent from the current three-pack format. Resonate also plans to explore the possibility of expanding Koan Cordials into other legal states.
The two unnamed investors have funded multiple rounds with Resonate, the company said in a statement.