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Madden Brothers Enter Cannabis Market With Future State Brands

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Madden Brothers Enter Cannabis Market With Future State Brands

Future State Brands announced Friday the launch of a consumer goods and marketing holding company run by PRØHBTD CEO and founder Drake Sutton-Shearer.

The company has a vast portfolio of THC, hemp, and CBD brands and said its mission is to take cannabis from the black market to the supermarket. Its brands include PRØHBTD, The Patch Co., Hot Nife, Hempathy, Ceeby Dee’s and Heavy Grass.

“I’m excited to move into this next phase of our journey with a crystal clear vision of our desired future state. Although brands is the vehicle to get us there, it cannot be achieved without an incredible team, accessible capital and most of all, an understanding of the customer we are building for,“ Sutton-Shearer said in a statement.

The company launched with a funding round led by Cresco Capital that brings its total financing to $25 million. 

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Future State Brands said it's deepening its integration with marketing partners and musicians Joel, Benji and Josh Madden.

“As partners with Drake and the team at PRØHBTD for the past couple of years, we look forward to the continuation of our work together at Future State Brands by providing our insights and hands-on experience across the pop and sub-culture spectrums,” the brothers said in a statement. 

Cresco Capital sees "great potential" in Future State Brands' expansion into consumer packaged goods, Matt Hawkins, managing partner at the cannabis private equity firm, said in a statement. 

“We have had a longstanding partnership with Drake and his team and trust his long-term financial and creative vision.”

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Posted-In: Future State Brands Madden Brothers PROHBTDCannabis News Financing Markets Best of Benzinga

 

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