Green Thumb Industries (GTII.C) partnered with California-based cannabis-infused beverage brand Cann to manufacture and distribute its cannabis beverages starting in Illinois in the spring, according to a press release.
This partnership represents distribution and expansion into new markets, including New Jersey, which legalized an adult-use cannabis market last year.
Nothing weird yet. It’s coming.
“The cannabis beverage category is poised for growth. Consumers are increasingly entering the market seeking alternatives to alcohol with familiar consumption experiences. Cann sits squarely in this opportunity, delivers on the consumer need, and complements our brand portfolio with entry into the beverage segment. What’s even better is cannabis drinks can offer a superior experience, fewer calories and no hangover compared to alcohol. We are investing in the space and in the Cann team and we couldn’t be more excited to bring California’s No. 1 cannabis beverage brand to Illinois and beyond,” said Ben Kovler, Green Thumb founder and chief executive officer
Founded in Venice, California in 2019, Cann got a jumpstart when it drew the attention of celebrities like Gwyneth Paltrow and Chelsea Handler. It’s low sugar and calories with no preservatives or artificial sweeteners, all natural juice, herbs, organic agave nectar and of course, microdoses of CBD and THC dosed specifically to mirror the effects of a glass of wine or a light beer. The drinks are available in three flavours, and here’s where we find the weird: lemon lavender, grapefruit rosemary and blood orange cardamom.
No. Seriously. Those are the three flavour options. Presumably, you’ve primed your taste-buds for the hit before you take your first drink. Regardless, cannabis beverages are hot right now. The category sales grew four times faster than the entire cannabis market sales between January and December, 2020, and Cann itself rose from fifth in market share to first with over %600 growth, according to BDS Analytics.
Apparently lots of people like the lemon lavender confirming an enduring suspicion that people in California will drink anything as long as it’s endorsed by the right celebrity. It’s a curiosity point, though, to see how well Chelsea Handler or Gwyneth Paltrow are going to help the lemon lavender get over with hard bitten rust-belters in Asbury Park, New Jersey or Chicago, Illinois.
Green Thumb’s shares rose $0.09 and closed at $44.83.