Sunburn Cannabis, a Florida-based and vertically integrated cannabis operator, today announced a new capital investment from Poseidon, a venture capital fund focused on the cannabis industry—the amount is undisclosed. Sunburn also appointed Poseidon co-founder Emily Paxhia to the company's board of managers.
Poseidon is an early investor in Sunburn having made their initial investment in 2022.
Sunburn is a privately-held single-state operator that owns and operates 14 retail locations throughout Florida. Florida is currently the largest medicinal market in the U.S. with more than $2 billion in revenue generated. If voters approve recreational use in November, the state is anticipated to become the largest legal cannabis market in the U.S., projected from $4 to $6 billion.
"Since our initial investment, Sunburn has become one of the leading players in the Florida cannabis market, continually ranked at or near the top of the state's sales rankings per store for most mg of THC sold as compiled by the Office of Medical Marijuana Use," said Emily Paxhia. "Cannabis isn't easy, and Florida is no exception, especially as established operators compete on pricing strategies. Sunburn has leveraged its authentic story, experienced team, fantastic retail locations, and commitment to high-quality products to catapult themselves into the Florida market and we are excited to further support their growth."
Poseidon has more than $100 million in assets under management in the legal cannabis and hemp industries. The company and its affiliates have been active cannabis investors since 2013, deploying capital into nearly 200 businesses across various stages and verticals globally.
Sunburn Cannabis is a brand created by Florida-based Sunburn Holdings. The Sunburn Cannabis brand is based on the true story of CEO and Founder, Brady Cobb, and his late father, Clyde Walton "Bill" Cobb, who was one of the largest cannabis smugglers in the 1970s and 1980s until the DEA task force dubbed "Operation Sunburn" put him in jail.
