Cookies, a California-based international cannabis brand, recently finalized its Series A round of financing, confirmed to be the largest equity raise at the highest valuation since the brand’s establishment in 2012; a Business Wire press release said.
“We are thrilled to achieve this major milestone for the company, especially in light of the severe hardships being experienced across the industry,” Berner, co-founder and CEO of Cookies, said in the release. “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.”
In correlation with the round of financing, Cookies has appointed Matt Barron, co-founder and managing partner of 12/12 Ventures, to its board of directors.
This major round of financing follows other expansion efforts made on a global scale by Cookies, including 15 new retail stores across eight U.S. markets in Arkansas, Florida and Missouri; and the launch of its first-ever dispensary in Canada and Asian market in Thailand.
Cookies also confirmed plans to open 15 additional retail locations this year in Arizona, Illinois, Washington D.C. and Australia.
“We are thrilled to join Cookies as they embark on their next phase of growth and expansion,” Dov Szapiro, co-founder and managing partner of Entourage Effect Capital, said in the release. “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."
Cookies’ plan is to expand its product portfolio by 50% in 2023, increase revenue and improve its margins as well as its global customer experience.
The modified catalog features genetics, cultivars and a revamped selection of products including proprietary hardware, CBD offerings, seeds, a glass line, premium packaging and the new 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,” Barron said. “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.”