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Celebrity favourite cannabis drink ‘Cann’ gets green light for expansion
The celebrity-backed cannabis drink Cann has raised US$27 million in Series A funding, setting it on the path for expansion across Canada.
Based in Los Angeles, Cann, which markets itself as a fun alternative to alcohol, reportedly has an array of celebrity investors including Nina Dobrev, Adam Devine, Zoey Deutch, Jordan Cooper, Sara Foster and Rosario Dawson who have all reportedly backed the brand with funding themselves.
Cann, which was founded in 2019, recently expanded its operations into Illinois, Massachusetts and Arizona and, along with the new round, is set for its first international expansion with the launch of its brand in Canada.
The startup announced this week that it has raised its latest round of funds from some new and unnamed institutional investors, past investor Imaginary Ventures and a host of celebrity influencers. Back in 2020, the company closed a US$5 million seed round and has remained popular ever since.
Cann’s standard serve is an 8 ounce can that includes 2mg of THC and 4mg of CBD so that consumers can drink a few without feeling the effects too much.
The company is also reportedly planning on rolling out THC-infused syrups which can be mixed with tonic or as an ingredient in cannabis cocktails.
Sales of Cann are currently limited by broader cannabis regulations in terms of which markets they can move into. Currently, the startup sells its drinks in California, Massachusetts, Rhode Island, Nevada and Illinois, however its expansion into Canada is starting with an entry into the Ontario market.
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