Los Angeles-based cannabis drinks company Cann today revealed that it has the backing of numerous well-known celebrities, including actress Gwyneth Paltrow and former NBA star Baron Davis, among many others.
Rebel Wilson, Ruby Rose, Darren Criss, Tove Lo, Casey Neistat and Bre-Z also invested in the company.
Their investments were part of a $5 million seed round that closed earlier this year, Cann co-founder Luke Anderson confirmed to THCnet.
Anderson would not disclose the size of each investment but did note that Paltrow contributed the most of any celebrity and obtained as much as 1% of Cann in the process.
“These are personal checks,” he said. “They are not massive million-dollar investments, but they are sizable enough for these investors to feel like they are a part of the growth.”
The entire round was co-led by Imaginary, a New York-based venture capital firm, and JM10 Partners, a Boston-based fund that invests in emerging cannabis companies. Navy Capital, Global Founders Capital, Entourage Effect Capital (formerly Cresco Capital) also participated, along with the celebrity backers.
Since launching in June of last year, Cann has sold over 2 million units. The majority of those packages were distributed through the dispensary channel, but Anderson said part of the company’s strategy has been to get product in the hands of influencers in order to “amplify” the brand.
So for the better part of the last year, Anderson spent his nights driving around Los Angeles, responding to messages from verified Instagram users, and delivering samples.
“Our sales were pretty low early on in the year, but these conversations we were having were amazing,” he said. “And with enough late-night drives in my beat-up Volkswagen Golf, and enough conversations, it just began to organically spread.”
Anderson estimates that Cann will move more than 3.5 million units