USA – Los Angeles based cannabis-infused social tonic, Cann has raised US$5m in seed funding round, co-led by Imaginary and JM10 Partners, to accelerate the the brands growth California and to new states in 2020.
The round was joined by Navy Capital, Global Founders Capital, and Cresco Capital, as well as by key strategic investors including Brian Spaly of Bonobos and Trunk Club, among others.
Cann’s Co-founder, Luke Anderson says that the company has developed a healthy alternative to alcohol with sophisticated flavor profiles that features THC and CBD among its list of ingredients.
The tonic has 30-35 calories per can with all its products being non-GMO and contain no gluten, added sugars, concentrated juices, or artificial flavors.
Having secured leading partners across retail, technology and cannabis, Cann said that it will use the funding to support rapid growth into new legal state markets.
This will enable the brand to capitalize further on its first-to-market innovative drinks, as well as expand its production capacity, broadening and accelerating product development.
Commenting on the funding, Jake Bullock, Cann’s Co-founder said, “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.”
“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.
“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.”
Nick Brown, Co-founder of Imaginary continues, “Our team truly views Cann as the future of social drinking, and we’re excited to work alongside Cann given they are best positioned to capitalize on this new generation of socializing.”
“Cann is unique in that its flavor profiles, ingredient purity and smokeless format sets the brand apart not only within the cannabis space, but also the beverage industry as a whole,” said Gregory Thomaier, Founding Partner of JM10.