Two big funding announcements came out last week. Here's a quick recap in case you missed them.
Future State Brands
The first brand to announce the closing of a funding round was Future State Brands, formerly PRØHBTD Global, which launched a consumer goods and marketing holding company led by cannabis industry veteran and PRØHBTD CEO and Founder Drake-Sutton Shearer, following a $25 million raise.
Future State Brands plans to own a number of THC, hemp and CBD brands under its portfolio, ultimately benefitting from a strategic marketing partnership with Joel, Benji, and Josh Madden- experts in pop culture and trend-spotting.
"I’m excited to move into this next phase of our journey with a crystal clear vision of our desired future state," said CEO Drake Sutton-Shearer. "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."
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European investment company Altitude Investment Management announced a $5.5 million investment in Switzerland-based KannaSwiss AG, the leading supplier of top-tier CBD isolate products in Europe. This marks AIM’s first investment in the European cannabis market.
New York-based Altitude Investment Management is heavily focused on capitalizing from the emerging and fragmented European cannabis marketplace, and raised $7.4 million for AIM plc, the newly formed UK-based investment company.
“My partners and I have been laser-focused on investing in the legal cannabis industry since 2016," said partner and co-Founder of Altitude Roderick Stephan. "We raised approximately $31 million in our first cannabis vehicle which has been invested in 19 companies across the industry.”
Founded by John Brecker, Michael Goldberg, Rod Stephan and Jon Trauben, Altitude has a well-established track record of successful investments in the cannabis industry including Grassroots, EMMAC, Canndescent, Flowhub, SpringBig, PathogenDx and BDS Analytics, among others.
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