This is the Cann pitch deck to raise a $5m seed round in 2020.
About
Cann is a provider of low dose tetrahydrocannabinol (THC) beverage used to offer all-natural flavor drinks.
Cann, founded by Jake Bullock and Luke Anderson, on Tuesday closed a $5 million seed funding round, led by Imaginary Ventures and JM10 Partners. That funding adds to Cann’s initial $1.5 million raise in July.
Cann is the first cannabis-related investment for Imaginary Ventures, a New York City VC firm led by Net-A-Porter founder Natalie Massenet. The round included previous investor Navy Capital, as well as Global Founders Capital.
“We really wanted to find investors that looked at us less like a cannabis company and more like an alcohol substitute,” Bullock said in a Tuesday morning interview. “Imaginary got it really fast.”
For her part, Massenet said Cann “addresses this growing trend in a brilliantly formulated series of beverages.”
“We have been tracking the new generation of consumers who are searching for and embracing new forms of responsible social drinking which do not involve alcohol,” Massenet said.
Cann wants to sell its cannabis-infused drinks at a similar price to craft beer
Right now, Cann is available in 75 California dispensaries, with more coming shortly, the founders said. The startup is also leveraging its relationship with JM10, which has invested in companies with cannabis licenses in newly-legal Michigan, Illinois, and Massachusetts, to expand to those states as well.
As part of raising more money, Anderson said they want to make a six-pack of Cann beverages “price competitive” with a six-pack of craft beer.
“We want to be aggressive about changing the price of our products,” Anderson said. “It might pinch the margin a bit now, but as the industry evolves, we expect that we’ll be able to produce this product a lot more similarly to other mass-produced beverages.”
Funding rounds
| Announced Date | Transaction Name | Number of Investors | Money Raised | Lead Investors |
| Jan 21, 2020 | Seed Round – Cann | 6 | $5M | Imaginary Ventures, JM10 Partners |
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