News & Analysis

Cann, a provider of cannabis-infused beverages, has raised a $27 million Series A from investors such as existing backer Imaginary Ventures. An array of celebrity investors including Nina Dobrev, Adam Devine, Zoey Deutch, Jordan Cooper, Sara Foster and Rosario Dawson also participated in the funding.

Based in Los Angeles and founded in 2019, the startup recently expanded its operations into Illinois, Massachusetts and Arizona. Along with the new round, Cann has also announced its first international expansion with the launch of its brand in Canada.

Other notable VC-backed startups in the space include K-Zen, a California-based developer of cannabis consumables, and Mirth Provisions, a Washington-based producer of specialty cannabis-infused edibles and drinkables.

As cannabis becomes legalized in more US states and across the world, such beverages are gaining social acceptance among consumers seeking an alternative to alcohol. The global cannabis beverage market is expected to reach $2 billion by 2026 and increase at a compound annual growth rate of nearly 17%, according to market research company Global Industry Analysts.

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