Sunburn Cannabis Secures New Investment from Poseidon

Emily Paxhia Joins Board of Managers

Capital Investment  to Support High Growth Throughout Florida

FORT LAUDERDALE, Fla., Aug. 19, 2024 /PRNewswire/ -- Sunburn Cannabis ("Sunburn" or the "Company"), a Florida-based and vertically integrated cannabis operator, announced today their most recent capital investment from Poseidon, a leading venture capital fund focused on the cannabis industry. Sunburn also announced the appointment of Poseidon co-founder Emily Paxhia to the Company's Board of Managers. Poseidon is an early investor in Sunburn having made their initial investment in 2022.

Sunburn is a fast-growing, privately held single-state operator that owns and operates fourteen (14) retail locations in key markets throughout the state of Florida. Florida is currently the largest medicinal market in the U.S. with over $2 billion in revenue generated and should voters approve recreational use in November, the state is anticipated to become the largest legal Cannabis market in the U.S. with market size projected from $4-6 billion. The Company's growth & development is largely thanks to a loyal and robust customer following and the brand's authentic roots nurtured in Florida's rich cannabis history.

"I am thrilled to welcome Emily Paxhia to our Board of Managers," said Brady Cobb, Founder & CEO of Sunburn. "Poseidon is a leading investor in the cannabis industry and their significant insight and experience will be a tremendous asset as we strategically expand throughout the state of Florida."

"Since our initial investment, Sunburn has become one of the leading players in the Florida cannabis market, continually ranked at or near the top of the state's sales rankings per store for most mg of THC sold as compiled by the Office of Medical Marijuana Use," said Emily Paxhia, Co-Founder & Managing Director of Poseidon. "Cannabis isn't easy, and Florida is no exception, especially as established operators compete on pricing strategies. Sunburn has leveraged its authentic story, experienced team, fantastic retail locations, and commitment to high-quality products to catapult themselves into the Florida market and we are excited to further support their growth."

About Poseidon
Poseidon is a leading investor in the legal cannabis and hemp industries with over $100 million in assets under management. Poseidon and its affiliates have been active cannabis investors since 2013, deploying capital into nearly 200 businesses across various stages and verticals globally. The company has been actively involved in state and federal initiatives to drive reform in cannabis laws, including a recent judicial challenge to the Raich vs. Gonzalez SCOTUS case in partnership with Boies, Schiller, Flexner LLP. For more information, visit www.poseidon.partners

About Sunburn Cannabis
Sunburn Cannabis is the brand created by Florida-based Sunburn Holdings, LLC, which was created to build the authentic ultra-premium southern cannabis brand that celebrates America's rebellious, rock n roll, free spirit as well as cannabis culture. The Sunburn Cannabis brand is based on the true story of CEO and Founder, Brady Cobb, and his late father, Clyde Walton "Bill" Cobb, who was one of the largest cannabis smugglers in the 1970s and 1980s until the DEA task force dubbed "Operation Sunburn" put him in jail. Sunburn incorporates the culture and traditions passed down from its founders, employing a team that is passionate about the plant and cultivating only the highest quality product. Sunburn currently has 14 retail locations across Florida. For more information, visit www.sunburncannabis.com.

SOURCE Sunburn Cannabis