THC Beverage Uncle Arnie’s Raises Strategic Funding Round
Ryan Allway
June 13th, 2023
News, Top News, Top Story
Investors include founding partners of Boston Beer Company and distinguished business leaders
LOS ANGELES, CALIFORNIA, UNITED STATES, June 13, 2023/EINPresswire.com/ — Uncle Arnie’s, the top-selling cannabis-infused beverage brand in California, raised a strategic investment from two founding partners of Samuel Adams, Harry Rubin, and Lorenzo Lamadrid. Michael Carpenter, former CEO of Ally Financial and Citigroup’s Global Corporate & Investment Bank, and VC investor Nick Carpenter participated in the round.
The raise will help fund the company’s expansion into additional states and put Uncle Arnie’s on a path to achieve profitability in 2023.
“Our ability to bring in investments from craft-beer pioneers Harry and Lorenzo and financial leaders Mike and Nick validates our mission and business plan, especially in the currently challenging market for cannabis companies looking to raise capital,” said Uncle Arnie’s CEO Theo Terris. “Harry Rubin and Lorenzo Ladrid’s experience developing beverage brands from the ground up and Mike Carpenter’s experience leading financial institutions will be invaluable to Uncle Arnie’s as it continues to scale.”
Uncle Arnie’s, launched in May 2020, is changing how people perceive, consume, and enjoy cannabis. In three years, the company has sold more than one million units to become the top-selling cannabis beverage brand in California. According to cannabis data provider Headset, Uncle Arnie’s has seven of the top 10 best-selling cannabis beverage SKUs in California concerning both total unit volume and sales.
“Our focus for the first three years since Uncle Arnie’s inception was leading in California, the largest and most competitive market where cannabis brands are born. Since achieving that goal, we plan to expand into markets where the brand will continue to perform well,” said Uncle Arnie’s President, Alberto Esquenazi.
Uncle Arnie’s expanded into Oregon in Q4 2022 and, last week, successfully launched in Nevada at top cannabis-dispensary chains, including Rise and Cookies.
“Nevada is a showcase market with almost 40 million tourists a year and growing. Uncle Arnie’s has a strong product-market fit regarding the fun flavors we offer, the price point, and the brand itself,” Esquenazi said.
Uncle Arnie’s sells its products in more than 600 licensed California dispensaries. The company will begin selling in Michigan this Summer and is negotiating to expand to additional states, which will increase revenue and brand equity.
Rubin, Lamadrid, and the Carpenters concur that “Uncle Arnie’s brand has established a leading position in one of the beverage industry’s highest growth segments, reflecting the outstanding product, marketing, and sales execution of the talented senior management team.”
“We look forward to helping them seize their significant expansion opportunities,” they collectively concluded.
Lowenstein Sandler LLP represented Uncle Arnie’s in the fundraise.
About Uncle Arnie’s:
Uncle Arnie’s is a legacy, California-based beverage company changing the way people perceive, consume and enjoy cannabis. Its mission is to create the world’s most approachable, accessible, and iconic cannabis brand. According to Headset data, Uncle Arnie’s has 7 of the top 10 best selling beverage SKU’s in California with regards to both total unit volume and total dollar sales. Uncle Arnie’s products are sold in over 650 licensed dispensaries in California, Oregon, and Nevada.
Theo Terris
Fly Beverage
info@flybeverage.com
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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