SAN FRANCISCO–(BUSINESS WIRE)–International cannabis brand Cookies today announced the closing of its Series A round of financing, the company’s largest equity raise at the highest valuation since it launched in 2012.
Entourage Effect Capital led the round, followed by 12/12 Ventures. In conjunction with this milestone, Cookies also announces that Matt Barron, Co-Founder and Managing Partner of 12/12 Ventures, has been appointed to the company’s board of directors.
“We are thrilled to achieve this major milestone for the company, especially in light of the severe hardships being experienced across the industry,” said Berner, Co-Founder and CEO of Cookies. “I am grateful for the support of our investors and am enthusiastic about the continued collaboration on our shared vision to keep Cookies the leading global cannabis brand.”
As Cookies closes this major round of financing, the company forges ahead serving customers in markets across the globe. In 2022, Cookies opened 15 retail stores in 8 new markets including Arkansas, Florida, Missouri, Cookies’ first dispensary in Canada, and Cookies’ first market in Asia: Thailand. This year, Cookies will open an additional 15 retail locations while entering several new markets including Arizona, Illinois, Washington D.C. and Australia.
“We are thrilled to join Cookies as they embark on their next phase of growth and expansion,” said Dov Szapiro, Co-Founder and Managing Partner of Entourage Effect Capital. “The brand has authentically and emotionally connected with a devoted and fanatical consumer base globally, making it a true lifestyle brand. Cookies’ ability to tap into this loyal following is a testament to the authenticity of the brand, its products and its people. We look forward to collaborating with Cookies and supporting their continued success.”
In 2023, Cookies is expanding its product portfolio by 50% to drive revenue expansion, fuel margin improvement and deliver an enhanced experience for its global customer base. In addition to fresh genetics and quality cultivars, the revamped product portfolio features proprietary hardware, CBD offerings, seeds, a glass line and premium packaging, including its introduction of the ‘flower tub.’
“Berner and Jai’s emphasis on differentiated genetics, premium quality, and constant innovation has created an international community of passionate followers for Cookies that is unmatched in the industry,” said Matt Barron, Co-Founder and Managing Partner of 12/12 Ventures. “We’re enthusiastic about Cookies’ continued growth potential as the brand strategically broadens its product portfolio and enters new markets in both the U.S. and abroad.”
About Cookies
Cookies is the most globally recognized cannabis company; founded in 2010 by Billboard-charting rapper and entrepreneur Berner and Bay Area breeder and cultivator Jai. The company creates game-changing genetics and offers a collection of over 70 proprietary cannabis cultivars and more than 2,000 products. Headquartered in San Francisco, the company is actively involved in advocacy and social impact initiatives to enrich communities disproportionately impacted by the War on Drugs. Cookies opened its first retail store in 2018 in Los Angeles, has since expanded to 58 retail locations in 23 markets across 6 countries, and was recently named one of America’s Hottest Brands of 2021 by AdAge; the first cannabis brand to ever receive this accolade. To learn more about Cookies, visit cookies.co, and to learn more about Cookies CBD, visit shop.cookies.co
Contacts
Martha N. Marshall
Grasslands: A Journalism-Minded Agency
martha@mygrasslands.com
Source: Businesswire