Cannabis-infused beverage company, Cann, confirmed a $27 million Series A funding round coming from fresh institutional capital, existing investors like Imaginary Ventures doubling down, and a roster of new celebrity investors including Nina Dobrev, Adam Devine, Zoey Deutch, Jordan Cooper, Sara Foster and Rosario Dawson.
In addition to this milestone funding round, Cann is also announcing its first international expansion with the brand's launch in Canada. Cann's Canadian expansion and Series A funding comes on the heels of an explosive year of growth that saw nearly tripled sales and expansion into three new U.S. states: Illinois, Massachusetts and Arizona.
"Over three years ago, we were told that consumers didn't want cannabis in beverages and that they were, at best, a novelty, but this fundraise and our Canadian expansion indicate that microdosed beverages are here to stay," Jake Bullock, co-founder & CEO of Cann stated. "Adults everywhere are desperate for an alternative to alcohol that actually delivers a social buzz and puts flavor first, full stop."
"We continue to invest in Cann because it has proved it can become a global beverage brand. The creativity behind the product innovation and marketing campaigns are best-in-class for consumer goods," Natalie Massenet, co-founder & partner of Imaginary Ventures stated.
As of Tuesday, consumers in Ontario can purchase Cann's THC social tonics, with British Columbia and additional provinces launching in the coming months. To produce its award-winning beverages, Cann is partnering with Truss Beverage Co., a joint venture between MolsonCoors Canada TAP and HEXO HEXO.
"Despite it being as difficult to sell Cann to Retailers as it would be to sell meat in a vegan grocery store, at the end of the day the consumer votes on the company's success with their dollar," Luke Anderson, co-founder of Cann said in a statement. "And as they keep showing up, the channel is finally starting to understand that they have more crowded stores when Cann owns the fridge. Consumers are demanding Cann everywhere, and this funding allows us to deliver on that demand across channels and borders."
Nina Dobrev, actress and Cann investor commented, "I never thought of myself as a cannabis person, and as a co-founder of a publicly traded wine company I don't have any issue with drinking alcohol. But the world is evolving and I think more and more people are getting used to responsible poly-substance use - and I'm in an open relationship with Cann and Fresh Vine."
Cann's newest celebrity investors join current investors, Gwyneth Paltrow, Baron Davis, Rebel Wilson, Kate Hudson, Rosario Dawson, Darren Criss, Casey Niestat, Tove Lo, and Bre-Z on Cann's mission to change the way we think about social drinking.
Photo: Courtesy of Cann
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.