Mike Tyson’s venture into the cannabis space is proving to be successful.
$9M Series A Funding Round
According to a press release, the cannabis brand — created by legendary heavyweight boxer, entrepreneur, and cannabis lover Mike Tyson — has raised $9 million in a Series A round led by JW Asset Management. K2, Ambria Capital, Tress Capital, and Patrick Carroll also participated in the round.
“Mike Tyson and our team believed early on that building high-quality cannabis brands and products backed by A-list celebrities would be a winning combination,” said Tyson 2.0 Co-founder, President and Chairman, Chad Bronstein, in a statement. “Our model has shown early validation with robust sales and expansion of the brand to more than 20 states including several of the world’s leading operators. The next step in our journey will require us to put more capital to work, and I couldn’t think of a better set of partners than the group of investors we have assembled, highlighted by Jason Wild and the team at JW Asset Management.”
Plans For New Funding
The funding will lead to additional celebrity intellectual property, expand marketing and distribution efforts, and support investments in the progression of Tyson 2.0’s house of brands strategy.
“I’ve had the pleasure of working with and knowing Chad and Adam for many years. I am impressed with how quickly they have scaled the business becoming one of the leading national cannabis brands on the market today. With the ability to develop additional products from celebrities like Mike Tyson, Ric Flair, and more to come, I am confident the strong momentum can continue,” said Jason Wild, President and Chief Investment Officer, JW Asset Management, in a press release.
Tyson 2.0 is on its way to shake up the cannabis industry in light of new funding.
As AfroTech previously told you, Tyson 2.0 changed the game after dropping ear-shaped edibles, alluding to a former fight against Evander Holyfield that took place in 1997. Since the company’s inception, it has quickly become a favorite among consumers, landing in 20 states across the United States. What’s more, Tyson 2.0 has sold more than 4,000 pounds of cannabis flower across North America and the number will continue to climb as the company accelerates and partners with notable names in pop culture.
“This is just the beginning, Tyson 2.0 is being sought out by some of the hottest pop culture icons who are cannabis advocates and users, and want the opportunity to share their love of the plant with their fans,” Bronstein said, according to a press release.