Gwyneth Paltrowhas already proved herself one very savvy businesswoman, and now the Goop founder is expanding her empire, investing in the seed funding round for Cann, a cannabis-infused beverage brand created by entrepreneur Luke Anderson. It turns out they both used to live in the same Manhattan neighbourhood, and Gwyneth used to babysit Luke when he was a toddler - even changing his nappies.
Anderson jokingly told the New York Post: 'She used to change my diapers and now she supports me in selling drugs.'
Gwyneth isn't Cann's first celebrity investor. Rebel Wilson and Kate Hudson have already invested in the brand, which positions itself as an alcohol alternative designed for 'social drinking'. On the Cann website, Gwyneth has shared an endorsement, saying: 'It's a different kind of buzz — mellow, drinkable, and especially nice for sipping in the sun.'
It took some convincing to get Gwyneth on board though. Anderson initially approached her when he and his business partner Jake Bullock founded the company in 2019 but Gwyneth thought the brand was too small at that stage.
Gwyneth told Anderson she wouldn’t back Cann because it 'was barely working' and not getting enough traction, Anderson told On the Money. 'I was heartbroken,' Anderson said. He persevered and eventually proved to Gwyneth that Cann was growing as a business and would be a smart investment.
The low dose cannabis-infused drinks come in flavours like lemon lavender and grapefruit rosemary, containing 2 mg of THC and 4 mg of CBD. There are also versions containing 5 mg of THC. Due to differing state laws around the recreational use of cannabis, the drinks can only legally be sold in six US states – Arizona, California, Illinois, Massachusetts, Rhode Island and Nevada. (Currently the brand is not stocked in the UK.)
The global cannabis drinks market is projected to be worth $19 billion by 2028, according to Fortune Business Insights, so the Goop mogul is clearly onto a winner.
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