LOS ANGELES — Cann, the leading cannabis-infused beverage company, announced today 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," said Cann CEO and co-founder Jake Bullock. "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," said Natalie Massenet, co-founder and partner of Imaginary Ventures, whose other consumer investments include SKIMS, Stripe and Brady.
Cann is known for its microdosed THC beverages that aim to change consumers' relationship with alcohol. As of today, 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 and HEXO, and a leader in the development of cannabis-beverages for the Canadian market.
"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," said Luke Anderson, co-founder of Cann. "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."
With the growing legalization of cannabis in the U.S., Cann has become both the go-to alcohol alternative and the ideal cannabis entry point for mainstream consumers. Cann exists to redefine social drinking for sober- and canna- curious consumers alike. The rise of alcohol alternatives like Cann give consumers an option to socialize, without harmful ingredients, empty calories, and physical and emotional hangovers caused by alcohol.
"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," said Nina Dobrev, actress and Cann investor.
"Cann is a company that prioritizes diversity and inclusion, even when it doesn't immediately appear to impact their business performance," said Rosario Dawson, actress and Cann board member. "And in doing so, earns unique distribution opportunities and achieves outsized growth. There are very few other cannabis companies that continue to nearly triple in size annually."
As the fastest-growing and selling THC beverage on the market, Cann is committed to delivering high-quality, better-for-you beverage alternatives to alcohol. Each of Cann's core products include 2mg of THC and 4mg of CBD and are designed to deliver a light, uplifting social buzz. Unlike most cannabis edibles and beverages, which typically offer higher doses of THC, Cann provides an approachable microdose that gives consumers full control over their experience. Cann's social tonics are available in select Canadian retailers in their award-winning core flavors: Lemon Lavender, Blood Orange Cardamom and Grapefruit Rosemary.
Cann's newest celebrity investors, Nina Dobrev, Sara Foster, Paul Scheer and Adam Devine, 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.