September 30, 2022

A unique and cited as a pleasurable substitute to alcohol beverages, or so the company says, Cann has pumped itself with backing and substantial funding as it prepares to launch itself into Canada as its first-ever expansion into a global market. 

It is also looking to increase its distribution footprint in the U.S. to more states.

The cannabis beverage startup company announced this week that it has garnered $27 million funds via series A venture funding from investors. 

These investors are a combination of some institutional investors, Imaginary Ventures (continued investor), and influencers and celebrities such as Rosario DawsonAdam Devine, Nina Dobrev, etc. 

Imaginary Ventures, a capital firm, led the funding round for Green Thumb Industries as an investor. The co-founder of Cann, Jake Bullock company, stated that this round of funding was the highest ever for the Los Angeles-based cannabis backed by venture companies.

“We’re positioned as an alcohol substitute,” Bullock elaborated when it came to his beverage and its market positioning. “We’re different from most cannabis brands. We’re going after the person who’s going with alcohol and convince them to drink a little less alcohol and try something that’s comparable to a beer or wine buzz.”

Cann, the cannabis beverage is a flavored drink which is targeting light drinkers. The drink itself contains minute bouts of CBD and it claims that it’s adding THC far less than other such drinks. 

This simply means that with a standard offering of 8 ounces a can, the company is offering a 2mg quantity of THC and 4mg of CBD which may get you a little on the ‘dozy’ side.

It’s onset time is touted to be ten to fifteen minutes and its offset is similar to that of a beer. This time is less than many edibles in the market, and the consistency of its fusion of THC droplets makes it unique.

The goal of the company is to hit the company’s valuation in the number of billions. At present, Cann is on a little higher side if it is to compete with the beer or spiked drinkers market. Cann’s 6-pack (8 ounces a can) beverage goes for $20 (in the U. S. state). 

Considering that it has cannabis as its core marketed ingredient, it still is noticeably pricier with the Cannabis taxes of the state on the lower side.

It is obvious that further expansion into markets requires careful trading. There are varying regulations and compliance when it comes to cannabis and global markets. Cann is currently set up in the U. S., and its footprint can be found in Illinois, Massachusetts, and California. It is also looking to further expand into markets of New Jersey, New York, and Connecticut.

Their touted expansion into the Ontario region will be their first stepping into Canadian territory. This will be followed by British Columbia and Alberta. 

The company currently has 45 employees employed with plans to hire more. 

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