Cann Social Tonics Raises $5M In Funding To Expand Within Ca
LOS ANGELES, Jan. 21, 2020 /PRNewswire/ -- Cann, the first cannabis-infused social tonic, announced today the close of a $5M seed funding round, co-led by Imaginary and JM10 Partners, to accelerate the growth of Cann across California and to new states in 2020. The investment marks the first cannabis-focused position for Imaginary, which has invested in category-leading direct to consumer brands such as Glossier, Skims, Everlane, Reformation, and Daily Harvest. JM10 Partners expands their cannabis portfolio, adding to a lineup of cannabis brands with mainstream success, such as Lord Jones. The round was joined by Navy Capital, Global Founders Capital (for whom this was also a first cannabis investment), and Cresco Capital, as well as by key strategic investors including Brian Spaly of Bonobos and Trunk Club, among others.
A healthy alternative to alcohol meant to be enjoyed in all social situations, Cann balances 2MG of THC and 4MG of CBD for a joyous natural experience. Low-dose, low-calorie, and delicious, Cann offers a light, energetic social buzz, without the hangover. As a tonic, Cann is quicker to take effect than traditional edible cannabis products and provides a feeling of vigor and well-being in about 10 minutes. Unlike most cannabis beverages which typically have 5x more THC per serving, Cann provides an approachable dose that gives consumers control over their experience.
"With sophisticated flavor 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.
Having secured leading partners across retail, technology and cannabis, Cann will use the funding to support rapid growth into new legal state markets, enabling the brand to capitalize further on its first-to-market innovative drinks, as well as expand its production capacity, broadening and accelerating product development.
"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," continued Jake Bullock, Cann's Co-founder. "Counting industry experts and consumer specialists among our ranks proves that this isn't your typical cannabis company. It's a vote of confidence that Cann will change the way people socialize."
Change in Consumer Tastes
With consumers' fundamental viewpoint on alcohol consumption shifting towards disinterest, Imaginary and other industry visionaries are setting their sights on a bold new world of socialization, single-handedly changing the perception of being high.
"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. "We feel beverages like Cann provide the perfect product for the cannabis-curious."
Stocked in over 60 leading dispensaries throughout California, Cann is also available for delivery across California via Eaze, the largest marketplace for on-demand cannabis delivery. For additional information, please visit www.drinkcann.com and follow the brand on Instagram @drinkcann.
Cann is on a mission to make cannabis a social and approachable experience for all, creating the first cannabis-infused social tonic that is both low-dose and delicious. Each Cann contains only the highest quality ingredients with 2MG of sativa-dominant hybrid THC and 4MG of CBD, so you can sip into your sweet spot and control your experience. With only 30-35 calories per can and only five, all-natural ingredients, Cann can be enjoyed at any social occasion or while relaxing at home. All Cann products are non-GMO and contain no gluten, added sugars, concentrated juices, or artificial flavors. For more information, visit www.drinkcann.com.
Founded by Nick Brown and Natalie Massenet in 2017, Imaginary is an early stage, consumer-focused venture capital firm based in New York. Massenet is the Founder of The Net-a-porter Group of companies; Net-a-porter, TheOutnet and Mr Porter which she grew as Executive Chairman to $1 Billion in GMV by 2015; in addition, she currently serves as Non-Executive Co-Chairman of Farfetch and Chairman of the British Fashion Council. Nick Brown was previously Partner at 14W and has participated in the financing rounds of Everlane, Warby Parker, Reformation, Glossier, Goop, Outdoor Voices, The RealReal and others. Imaginary has a strong focus on retail, with investments in Farfetch, Daily Harvest, Skims, Everlane, Reformation and others. For more information, visit www.imaginary.co.
About JM10 Partners
JM10 Partners is a private growth capital fund that was founded by Gregory Thomaier and Abner Kurtin which invests in emerging leaders in the U.S. cannabis industry. They have focused their investments around the multi-state operators in limited license states, technology companies and brands which they can help scale in these states. They have been early investors in GTI, Grassroots, Lord Jones and many more. For more information, visit www.jm10partners.com.
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