The world of weed soda continues to flourish, at least in California. Los Angeles-based THC-infused drink company, Cann announced recently that celebrity investors — including Gwyneth Paltrow, Rebel Wilson, Ruby Rose, Darren Criss, Baron Davis, Tove Lo and Casey Neistat — have come together to be financial backers of the company. The financial terms of the deal were not disclosed.
Cann has become the fastest growing THC beverage on the market with over 2 million cans sold. “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 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 is also Kin Euphorics, which also pitches itself as an alcohol alternative. A range 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.
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. Cann’s founders, Luke Anderson and Jake Bullock, are hoping Paltrow’s social media clout will help bring the brand to a wider audience. Paltrow currently has 7.5 million Instagram followers and 2.5 million monthly podcast listeners.
“When people think of Gwyneth Paltrow, they don’t think of ‘weed’, they think of cutting-edge solutions for today’s health and wellness needs,” Anderson told CNBC. “Her endorsement is a sign that Cann (and microdose beverages more broadly) are a viable answer to that very common consumer pain point,” he added.