Beverage News
Cann Social Tonics Raises $5M In Funding
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.”
Source: Cann
