San Francisco, CA--Today, international cannabis brand Cookies announced the successful completion of its Series A financing round, marking the company's largest equity raise and highest valuation since its 2012 inception.
[Image via MJBizDaily]
Entourage Effect Capital led the round, with 12/12 Ventures following suit. Matt Barron, Co-Founder and Managing Partner of 12/12 Ventures, will join Cookies' board of directors after this accomplishment.
Cookies CEO and Co-Founder Berner expressed gratitude for investor support and excitement for future collaboration in maintaining Cookies' status as a top global cannabis brand.
With the newly acquired funds, Cookies plans to use the capital for general working purposes, repaying existing debts, and furthering the company's expansion.
In 2022, Cookies opened 15 retail locations in eight new markets, including Arkansas, Florida, Missouri, Canada, and Thailand. The company aims to launch 15 more stores in 2023 while entering additional markets such as Arizona, Illinois, Washington D.C., and Australia.
Dov Szapiro, Co-Founder and Managing Partner of Entourage Effect Capital, expressed enthusiasm about joining forces with Cookies during its growth and expansion, highlighting the brand's genuine connection with its passionate, global consumer base.
Cookies plans to increase its product portfolio by 50% in 2023, driving revenue growth, improving margins, and enhancing the customer experience.
The expanded product offerings will include fresh genetics, quality cultivars, proprietary hardware, CBD products, seeds, a glass line, and premium packaging, such as the 'flower tub.'
Matt Barron of 12/12 Ventures praised Cookies' commitment to differentiated genetics, top-notch quality, and ongoing innovation, which has cultivated an unparalleled international community of devoted followers.
Barron looks forward to the brand's sustained growth as it broadens its product range and enters new domestic and international markets.
Learn more in this report.