VANCOUVER, BC, Sept. 22, 2021 /PRNewswire/ -- Burb Cannabis Corp. ("Burb" or the "Company"), a global cannabis lifestyle brand and high-end retailer with branded products and apparel, has successfully closed its $4M Series A funding round, led by Connecticut-based private equity group KarpReilly. The Company also closed the round with participation from American record label 300 Entertainment CEO and Co-Founder Kevin Liles.
Burb plans to deploy this capital to increase its network of cannabis retail stores in British Columbia (BC) and to support the launch of its private label, Burb-branded cannabis products across Canada and into California. The funding round closes on the heels of the Company's newly signed consumer packaged goods (CPG) brand licensing agreements with Canadian cannabis producers Citizen Stash (TSXV: EXP), and California-based cannabis group Martin Holdings, Founded by American Rap Artist, Songwriter and Entrepreneur Jason "Problem" Martin.
"We're pleased to have launched our first Burb flower SKUs in the province of Ontario, with strong retail and consumer demand, as well as consistent sell-through and re-orders from the OCS," said Co-Founder and CEO John Kaye. "Our next milestone will be to release our first two proprietary flower genetics into the California market with our California partners this month at Hall of Flowers in Santa Rosa on September 22nd," added Kaye.
Burb currently operates three licensed cannabis retail stores in Vancouver's lower mainland and recently received its fourth retail license in the city of Vancouver. The Company has a pipeline of BC-based stores under lease with licenses pending, in order to open and operate up to eight stores in the province.
With strong financial performance and consumer demand for the brand, Burb plans to continue exploring potential product and retail licensing opportunities across North America, through best-in-class producers and operators, to continue delivering premium products and retail experiences to consumers.
300 Entertainment CEO and Co-Founder Kevin Liles stated, "Burb is poised to become a global cannabis culture leader and has shown their commitment to supporting the community, creatives, musicians and the arts, which caught our attention early on. The brand has organically gained the attention and affection of notable artists and influencers on both coasts, and has a defensible business model for future growth." Liles added, "I'm proud to join this funding round and support Burb strategically as they continue their expansion."
"We're excited about our recent investment in Burb, a company that has proven to be superior in the vastly competitive ecosystem of cannabis brands competing for consumer mindshare," said Allan Karp, investor at KarpReilly. "Burb's founders have a rare combination of strong retail and merchandising experience, community-building savvy, as well as a deep understanding of the consumer and culture that drives a successful cannabis business today. Through our experience, we know this puts Burb in the strongest position to chart a course for success and we're confident in their vision for growth across North America," added Karp.
In addition to Burb's cannabis business, the company owns and produces a celebrated podcast called Light Culture. The show is hosted by Paper Magazine Co-Founder and former Editor-in-Chief David Hershkovits. Light Culture is nearing 100 episodes, profiling a diverse set of cultural thought leaders across a variety of genres since its inception in 2018. As an award-winning journalist and published author, Hershkovits has followed the rise of hip hop, indie film, the crossover of fashion and streetwear, and the new cannabis culture for a range of publications, including Vanity Fair, GQ, New York Daily News, and The Village Voice.
About Burb Cannabis Corp., "Burb"
Burb is a cannabis brand bringing "BC Bud" culture to the world through its network of licensed retail stores, curated cannabis products, innovative apparel and ancillary products as well as it's weekly podcast, Light Culture, hosted by Paper Magazine founder David Hershkovits. Burb is honoring the legacy and designing the future of cannabis culture.
About KarpReilly LLC.
Founded in 2006, KarpReilly is a growth capital firm based in Greenwich, Connecticut. The firm seeks to invest in companies operating in the retail, e-commerce, direct-to-consumer, restaurants, branded consumer products, apparel, food, beverage and natural products, lifestyles of health and sustainability sectors.