Cannabis-infused social tonic brand Cann has received investment from a 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 Los Angeles-based brand's inception in 2019, Cann sold more than 2 million cans, and quarter over quarter sales growth for 2020 continues to double in numbers. Cann is also the No. 1 selling THC-infused beverage in California, according to BDS Analytics.
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," said Gwyneth Paltrow, Academy Award-winning actress and founder and 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 added: "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."
Cann's formulation is designed to deliver a similar buzz to a glass of wine or beer, minus the calories or unwelcomed hangover. Each Cann contains 2 mg THC plus 4 mg 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,” said model and actress Ruby Rose. “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. 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 percent-plus women and 33 percent-plus people of color. So for me, it was an easy decision to invest."
Closing on a $5 million 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. 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 Cann co-founder Luke Anderson. "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."
Cann is currently available at dispensaries throughout California, Nevada, and Rhode Island including MedMen, Sweet Flower and Urbn Leaf.