Cannabis Company NorCal Secures $27 Million, Readies Itself for Global Dominance
*By Michael Teich*
NorCal is on a mission to be a juggernaut in the California cannabis market, and the company has $27 million dollars in fresh funding to help it achieve that goal.
"It brings our total capital raise since inception to well over $50 million. We'll be deploying that capital across the value chain," said NorCal CEO Doug Cortina in an interview on Cheddar.
That's good news for the cannabis workforce: Cortina expects to ramp up its hiring in the wake of the investment.
"Anything from drivers, to bud-tenders, to corporate folks, we are expanding at a rapid pace. Today we have well over 500 employees, and can see that number almost double as we end the quarter," he said.
NorCal owns and operates assets including indoor cultivation, manufacturing, distribution, and retail. While the company has ambitions to expand beyond California, Cortina said that won't happen until it grows its share of its hometown market. California, the fifth biggest economy in the world, recorded $2.5 billion in sales in 2018. Sales are expected to more than double to $5.4 billion by 2020, according to Eight Capital.
"We would like to get to double digit market share here over the next 12, 18 months. However, from there, we're obviously very focused on the larger market, and frankly not just domestically, but globally," Cortina said. "As we sit here today, no company in California really represents more than 1 percent or 2 percent of the overall market," he added.
Delivery is a crucial part of NorCal's growth, and its partnership with Eaze has helped the company get its products into the hands of more consumers.
"We are seeing that business grow quite considerably. We started working with Eaze in October 2016, and month over month growth is well above 10 percent. Today we do, just in San Francisco, well over 800 deliveries a day," Cortina said.
For full interview [click here](https://cheddar.com/videos/norcal-cannabis-raises-27-million-in-funding-eyes-california-dominance).
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
As Big Tech reports Q3 earnings, investors await proof that massive AI and cloud investments from Meta, Apple, Microsoft, and Alphabet are driving real growth.
Eric Trump joins us to discuss American Bitcoin’s mission, market strategy, and why he believes the U.S. must lead the next era of digital currency innovation.