Celebrity investors -- including Gwyneth Paltrow, Rebel Wilson, Ruby Rose, Darren Criss, Baron Davis, Tove Lo and Casey Neistat -- have come together to back the Los Angeles-based THC-infused drink company, Cann, the company said.
It's the latest in a string of deals that show the strength of the market for alternative intoxicants -- at least in California.
News of the funding follows yesterday's announcement that the Los Angeles-based national liquor delivery service Saucey would be merging with a marijuana dispensary and delivery service, Emjay under the mantle of Pacific Coast Holdings.
For its part, Cann has become the fastest growing THC beverage on the market with over 2 million cans of the stuff sold (I've had it. It's good.).
For the company's backers -- and its founders -- the pitch that Cann is a better alternative to alcohol simply resonates.
"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, the multi-hyphenate actress-entrepreneur-musician (she sings!) who founded the lifestyle and wellness 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."
Cann's not the only company looking to carve out a slice of the liquor market with an alternative intoxicant. There's also Kin Euphorics, which also pitches itself as an alcohol alternative. Then there's a slew of CBD and THC-infused drinks that have managed to attract venture backing. They include K-Zen Beverages, which has raised $5 million from the investment firm DCM to roll out its line of intoxicants, and California Dreamin’, a Y Combinator-backed intoxicant containing a whopping 10 milligrams of THC. Sweet Reason raised money from Lerer Hippeau for its CBD-sparkling drink and Recess, Daytrip, Infuzed and Dram all have offerings as well.
Cann's cans come with 2 milligrams of THC and 4 milligrams of CBD, which, after a few cans of Cann is enough for a light buzz.
Actress Ruby Rose cited the company's commitment to diversity, with a staff that's comprised equally of men and women, and where people of color make up 33% of the total headcount.
For its next act, Cann is looking to grow its geographic footprint. The company expanded into Nevada in the past year and is eyeing four more states within the next six months, according to a statement.