Burb cannabis, a high-end cannabis lifestyle brand, has closed a successful round of funding that will be used to launch its private label cannabis line. The funding round was led by Connecticut-based private equity group KarpReilly and with participation from American record label 300 Entertainment CEO and Co-Founder Kevin Liles. Burb was able to secure $4 million in funding.
Burb plans to use the funding increase to expand its network of cannabis retail stores in British Columbia, Canada and to support the launch of its private label Burb-branded cannabis products across Canada and into California. The funding round follows Burb’s new consumer packaged goods brand licensing agreements with Canadian cannabis producers Citizen Stash, and California-based cannabis group Martin Holdings, founded by American rap artist and entrepreneur Jason "Problem" Martin.
“We're pleased to have launched our first Burb flower SKUs in the province of Ontario, with strong retail and consumer demand, as well as consistent sell-through and re-orders from the OCS," said Burb co-founder and CEO John Kaye. "Our next milestone will be to release our first two proprietary flower genetics into the California market with our California partners this month at Hall of Flowers in Santa Rosa.”
Burb currently operates three licensed cannabis retail stores in Vancouver, and recently received its fourth retail license in the city of Vancouver. The company has a pipeline of BC-based stores under lease with licenses pending, in order to open and operate up to eight stores in the province that will carry the new private label cannabis..
"We're excited about our recent investment in Burb, a company that has proven to be superior in the vastly competitive ecosystem of cannabis brands competing for consumer mindshare," said Allan Karp, investor at KarpReilly. "Burb's founders have a rare combination of strong retail and merchandising experience, community-building savvy, as well as a deep understanding of the consumer and culture that drives a successful cannabis business today. Through our experience, we know this puts Burb in the strongest position to chart a course for success and we're confident in their vision for growth across North America.”