Cannabis-infused social tonic brand Cann has closed a $5 million seed funding round to accelerate its growth across California and beyond.
The round was co-led by venture capital firms Imaginary and JM10 Partners. Other investors which joined the round include Navy Capital, Global Founders Capital and Brian Spaly, founder of Bonobos, an e-commerce company and subsidiary of Walmart.
By securing partners across retail, technology and cannabis, Cann will use the funding to support rapid growth into new legal state markets. This will enable the brand to expand its production capacity as well as broaden and accelerate product development.
According to Cann, its products are a healthy alternative to alcohol to be enjoyed in a social situation and claims it’s the first of its kind, a factor it aims to capitalise on further.
Crafted in California, Cann’s portfolio of tonics contain 30-35 calories, 2mg of THC and 4mg of CBD per can, and are available in three flavour varieties: lemon lavender, blood orange cardamom and grapefruit rosemary.
As a tonic, Cann claims its products are quicker to take effect than traditional edible cannabis products and offers a light, energetic social buzz, without the hangover.
“With sophisticated flavour profiles, premium all-natural ingredients, and micro-dose of THC, Cann is uniquely designed to be approachable even for someone who has never previously considered cannabis as a part of their social lives — and appealing to that consumer is what it takes for a product to break the ‘stoner’ stigma and cross over into the mainstream,” said Cann’s co-founder, Luke Anderson.
Currently, Cann is stocked in over 75 dispensaries throughout California and is available for delivery via Eaze.
The investment marked the first cannabis-focused position for Imaginary, which has previously supported consumer-focused brands such as Glossier, Skims and Daily Harvest.
“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,” said Natalie Massenet, co-founder of Imaginary.
Massenet added: “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.”
© FoodBev Media Ltd 2019