Jake Bullock, co-founder of Los Angeles-based Cann, told MarketWatch the funding ranks as the biggest Series A financing of a venture-backed cannabis beverage company.<\/p>\n
The fruit-flavored drinks are aimed at social drinkers, and contain micro doses of THC and CBD \u2014 much less THC than other cannabis beverages, he said. The intention is to aim at the much larger alcoholic beverage market that measures in the tens of billions.<\/p>\n
\u201cWe\u2019re positioned as an alcohol substitute,\u201d Bullock said. \u201cWe\u2019re different from most cannabis brands. We\u2019re going after the person who\u2019s going with alcohol and convince them to drink a little less alcohol and try something that\u2019s comparable to a beer or wine buzz.\u201d<\/p>\n
Cann co-founders Jake Bullock (on left) and Luke Anderson<\/h4>\n
Cann <\/span> <\/figcaption><\/figure>\n<\/p><\/div>\n The company boasts a long list of celebrity investors, including Rosario Dawson (who is also a board member), Nina Dobrev, Sara Foster, Paul Scheer, Adam Devine, Gwyneth Paltrow, Baron Davis, Rebel Wilson, Kate Hudson, Darren Criss, Casey Niestat, Tove Lo, and Bre-Z.<\/p>\n See:<\/strong> Verano eyes \u2018coveted\u2019 New York market in all-stock purchase of Goodness Growth<\/a><\/p>\n In 2022, Cann expects to expand to Arizona and Nevada, as well as the Canadian provinces of Ontario, British Columbia and Alberta. <\/p>\n It\u2019s currently selling drinks in Illinois, California and Massachusetts. It\u2019s looking at further expansion in New York, New Jersey and Connecticut in the coming year.<\/p>\n Cann inks manufacturing partner agreements in every state by shipping its syrup with no cannabis in it to its partners and they batch it in with their THC and CBD.<\/p>\n \u201cOur core product is for first timers and people who have had a bad experience and maybe are getting back to it,\u201d said Bullock. \u201cIt truly is a new class of Social Tonic, with juice flavors such as Italian blood orange \u2014 all natural flavors and no preservatives.\u201d<\/p>\n Cann\u2019s onset time is about 10 minutes to 15 minutes \u2013 shorter than most edibles. Cann products contain micro THC oil droplets emulsified into liquid, which makes it consistent throughout the beverage and allows more rapid absorption so you feel it faster. You also stop feeling it \u2013 the offset time \u2013 similar to the feeling you get drinking a beer.<\/p>\n Six packs of Cann beverages containing THC sell for about $18 in California and Nevada.<\/p>\n The company has about 45 employees now and plans to hire more people in 2022.<\/p>\n Green Thumb Industries is working with Cann in the Illinois market as a manufacturer and distributor.<\/p>\n Natalie Massenet, co-founder and partner of Imaginary Ventures, led the funding for the New York-based firm.<\/p>\n As part of its expansion into Canada, Cann is teaming up with Truss Beverage Co., a joint venture between MolsonCoors Canada TAP, +0.22%<\/a> and Hexo Corp. HEXO, +0.77%<\/a> HEXO, +6.25%<\/a>.<\/span> <\/p>\n