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Cannabis Beverage Startup Cann Raises $27M As It Expands To Canada

Cannabis Beverage Startup Cann Raises $27M As It Expands To Canada

02/15/22, 8:15 PM
Money raised
$27 million
Industry
food and beverage
Cann, a THC beverage company marketing itself as a fun alternative to alcohol, is bulking up on funding as it brings the product into Canada — its first international market expansion.

Company Info

Company
Cann
Additional Info
The startup announced Tuesday that it has raised $27 million in Series A funding from some new and unnamed institutional investors, past investor Imaginary Ventures and a host of celebrity influencers including stars like Nina Dobrev, Adam Devine, Zoey Deutch and Rosario Dawson, among others. The company closed a $5 million seed round back in 2020. The company has a fairly wide variety of product offerings — with different availability in different markets — including THC-infused syrups which can by mixed with tonic or as an ingredient in a Cannabis cocktails. Somewhat bewilderingly they are also selling 12-packs of 8 ounce Cannabis-free tonic waters for $25, thought it’s clear the company is throwing a lot at the wall to see what sticks with their audience. The startup currently sells products in California, Massachusetts, Rhode Island, Nevada and Illinois. For the time being, Cann is perhaps a bit pricey to directly compete with the full market of beer or spiked seltzer drinkers.