As a national leader in adult beverage investing we see Cann as a natural add to our Fund III and should pave the way for PE and the Cannabis industry to continue to grow together. - Brian Rosen, GP, Growth Beverage, InvestBev Group.
MIAMI (PRWEB) August 31, 2022
InvestBev LLC, the Nation’s largest adult beverage only focused private equity firm has completed a multi-million dollar investment into Cann Social Tonics: America's #1 selling microdosed cannabis beverage. This marks the first cannabis beverage investment for the firm and Cann will be added to the Fund III portfolio.
Brian Rosen, General Partner at InvestBev believes that as consumers look for new and interesting ways to enjoy libations, Cann will be leading the conversation and the space.
Last week, Cann announced June marked its 10 millionth can sold to the public. This is a historic milestone as less than 45% of the country is legal for recreational THC purchases and of those states, Cann is only available in California, Nevada, Arizona, Illinois and Massachusetts.
Rosen states, “Working with Luke and the team at Cann has only strengthened our resolve to be a major player in the cannabis space. Our philosophy of brand support through operations will play a major role as the United States continues to adopt THC and CBD infused beverages as mainstream. As specialists in the three-tier space, we will use our expertise to help the team navigate the months and years ahead.”
Luke Anderson, Co-Founder shares, “We are thrilled to have InvestBev join us in building the future of social drinking. The depth and breadth of their experience in traditional beverage channels will help us to achieve our goals of integrating safe and approachable cannabis beverages into the environment they ultimately belong.”
This deal closed on August 22, 2022 and was sourced and curated by InvestBev CIO, Giuseppe Infusino.
“As a national leader in adult beverage investing, we see Cann as a natural add to our Fund III and should pave the way for PE and the Cannabis industry to continue to grow together.” - Brian Rosen, GP, Growth Beverage, InvestBev Group.
Founded in Los Angeles by Harvard and Stanford graduates Luke Anderson and Jake Bullock, Cann is the #1 selling THC-infused beverage across America. Since its launch in 2019, Cann has become a rapidly expanding international brand by winning over canna-curious and sober-curious consumers and redefining social drinking. Cann offers a range of microdosed, non-alcoholic beverages that deliver a perfect, uplifting buzz with a strength similar to a beer or glass of wine. Vegan, gluten-free, and low in calories, each Cann has five all-natural ingredients. There are no artificial sweeteners or flavors, preservatives, or cannabis taste. Cann’s social tonics won first place at BevNET’s New Beverage Showdown in 2019, following in the footsteps of mainstream grocery products like Health-Ade Kombucha, MALK, and RISE Brewing.
The brand is backed by innovative and forward-thinking celebrities with diverse backgrounds in wellness, activism and philanthropy including Gwyneth Paltrow, Kate Hudson, Baron Davis, Rebel Wilson, Rosario Dawson, Darren Criss, Casey Niestat, Tove Lo, and Bre-Z. Cann can be purchased in California, Nevada, Illinois, Massachusetts, Arizona, Rhode Island, Ontario and British Columbia. For more information, visit http://www.drinkcann.com or @drinkcann on Instagram. For Canada, visit drinkcann.ca or @drinkcannada on Instagram.
Cann Media Contact