Cann, the first Cannabis-infused Social Tonic, Announces Investment Led by Celebrity Power Players, Including Gwyneth Paltrow, Rebel Wilson, Ruby Rose, Darren Criss, Baron Davis and More
New Investments Showcase The Wide Appeal of Cannabis As An Alcohol Alternative
Oct 29, 2020, 09:00 ET
LOS ANGELES, Oct. 29, 2020 /PRNewswire/ -- Cann, a Los Angeles-based purveyor of cannabis-infused social tonics, announced today an investment from a star-studded group of actors, musicians, athletes and creators, including Gwyneth Paltrow, Rebel Wilson, Ruby Rose, Darren Criss, Baron Davis, Tove Lo, Casey Neistat, and Bre-Z. Since the brand's inception in 2019, Cann has become the fastest growing THC beverage to date with over 2 million cans sold, and quarter over quarter sales growth for 2020 continuously doubling in numbers. Cann is also the #1 selling thc-infused beverage in California according to BDS Analytics.
Cann's latest investors join the brand on a collective mission to revolutionize the way consumers socialize by offering better-for-you alternatives to alcohol and other vice products. For each of Cann's latest celebrity partners, this investment marks their first major venture into the cannabis space — marking a monumental step for the brand in achieving its overall goal of normalizing cannabis consumption and breaking down stigmas within the industry.
"Cann sits at the intersection of two powerful trends we've been monitoring at goop for some time: the 'sober curious' and 'cannabis curious' movements," shared Gwyneth Paltrow, Academy Award-winning actress and founder & CEO of wellness and lifestyle brand, goop. "There's no reason why alcohol should be so much easier to purchase than Cann, and I'm confident the founders will lead the charge in finding ways to integrate it into the same purchasing channels and drinking environments."
Comedian and actress Rebel Wilson shared, "Cann is perfect when you're having a dinner party or a few friends over and you want to serve an adult drink that is also healthy and has natural ingredients."
As the industry leader in a growing market for non-alcoholic beverages that use cannabis as a functional ingredient, Cann's high-quality formulation is designed to deliver a similar buzz to a glass of wine or beer, minus the calories or unwelcomed hangover. Each Cann is thoughtfully formulated with 2 milligrams of THC plus 4 milligrams of CBD, providing a microdose of cannabis for approachable, controllable consumption.
"When making an investment decision, you have to invest in two things - the product and the people. The Cann product is excellent - it's delicious with all natural ingredients, its beautiful branding and packaging, and its uniqueness as a micro-dose beverage make it a winner," said actress and model Ruby Rose. "The team behind it is smart and have grown the brand quickly without compromising value or bending to what the traditional cannabis market is ready for right now. Added to that is the fact that this company is queer-founded and diverse. They are building a team currently made up of 50%+ women and 33%+ people of color. So for me, it was an easy decision to invest."
Closing on a five million dollar seed funding round co-led by Imaginary, whose credentials include Skims, Everlane and Daily Harvest, and JM10 Partners in January 2020, Cann has continued to see growth at an unprecedented rate — and in an unprecedented time. The brand has recently expanded into Nevada, with four additional state markets to follow in the next six months.
"We couldn't be more excited to welcome this group into our Cann family and have them share in our mission with us," said Luke Anderson, Cann Co-Founder. "We created this product for consumers that are new to the cannabis industry and looking to moderate or reduce their alcohol consumption. To have taste-making celebrities who don't have a 'stoner' identity attached to their personal brands wanting to help us spread this message to a mass consumer base is a game-changer for Cann, and a sign for how this industry will evolve in the coming years."
"With our range of products, we strive to change the way people socialize by giving them social beverage options that are better for them, mentally and physically," remarked Jake Bullock, Cann Co-Founder. "To have such a culturally-relevant group of celebrity investors behind us that believe in this product and that mission, together, we'll introduce a new wave of consumers to an alcohol alternative that delivers an uplifted, social feeling but with none of the harmful effects and actually tastes delicious. Welcome to the Cann family!"
Cann is currently available at dispensaries throughout California, Nevada, and Rhode Island including MedMen, Sweet Flower, and Urbn Leaf. For home delivery, visit shop.drinkcann.com and a number of partners including Eaze.com. For additional information and locations visit drinkcann.com.
ABOUT CANN
Cann is the #1 selling THC-infused beverage in California according to BDS Analytics. Founded by Stanford and Harvard graduates, Cann is reshaping social drinking with their microdosed, non-alcoholic beverages that deliver a perfect, uplifting feeling every time. Vegan, gluten-free, and with only 35 calories, each Cann has five all-natural ingredients with a strength that is similar to a beer or glass of wine. There are no artificial sweeteners or flavors, sugar substitutes, or cannabis taste.
SOURCE Cann
