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Cannabis-Infused Social Tonic Brand Cann Completes $5M Funding Round

Cannabis-Infused Social Tonic Brand Cann Completes $5M Funding Round

Cannabis-infused tonic brand Cann announced Tuesday it has finalized a $5 million seed funding round, to support its 2020 development in California and across other new states.

The funding round was co-led by Imaginary and JM10 Partners and joined by Navy Capital, GlobalFounders Capital, Cresco Capital, Brian Spaly of Bonobos and Trunk Club, among others.

The company said it plans to use the funding to help its fast growth into new legal state markets, and to broaden both its production capacity and product development.

Cann contains 2mg of THC and 4mg of CBD, it is a non-alcoholic and low-calorie beverage. It offers a quicker effect that traditional cannabis edibles, providing “a feeling of vigor and well-being in about 10 minutes,” the company said.

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“It’s rare – and a real honor – to find the support of two well-respected brand platforms, lifestyle investors, as well as the backing of the industry’s leading investment firms,” Jake Bullock, Cann’s Co-founder said in a statement. “Counting industry experts and consumer specialists among our ranks proves that this isn’t your typical cannabis company. It's a vote of confidence that Cann will change the way people socialize.”

Natalie Massenet, co-founder of Imaginary commented on its support.

“We have been tracking the new generation of consumers who are searching for and embracing new forms of responsible social drinking which do not involve alcohol," she said. "Cann, with its formulation that has the potency of a light beer without the alcohol or calories, addresses this growing trend in a brilliantly formulated series of beverages. Being obsessed with backing the best new disruptive consumer product companies, Imaginary also loves the fantastic branding and positioning of Cann.”

Posted-In: Cann Cannabis-Infused BeveragesCannabis News Financing Markets Best of Benzinga


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