Most of the 88 licensed craft growers in Illinois have been unable to attract enough capital, but Cannect Wellness sold ownership shares.
Cannect Wellness co-founder and COO David Michaud, right, and head of cultivation Jake Heller inspect construction on their craft cannabis growing facility in Franklin Park on Jan. 25, 2023.While most of the 88 licensed craft growers in the state have been unable to attract enough capital to open, Cannect Wellness announced Tuesday that it has raised $7.5 million to begin operations this summer.Cannect did it by selling shares of ownership, or equity, which craft growers are allowed to do.
Cannect Wellness had an advantage in that its founders had business experience and money. Michaud is a corporate attorney, and co-founder and CEO Gabe Singal worked in health care technology business development. They had previously formed a company to invest in medical office buildings. They teamed up with Danual Berkley, an African American Springfield firefighter, U.S. Army veteran and children’s author, who qualified for licensing advantages as a social equity licensee.
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