Emily Paxcia joins the board of directors
Capital investments to support rapid growth across Florida
FORT LAUDERDALE, Fla., Aug. 19, 2024 /PRNewswire/ — Sunburn Cannabis (“Sunburn” or the “Company”), a Florida-based vertically integrated cannabis operator, today announced its latest capital investment from Poseidon, a leading venture capital fund focused on the cannabis industry. Sunburn also announced that it has appointed Emily Paxhia, co-founder of Poseidon, to the Company's Board of Directors. Poseidon is making its first investment in 2022 and is an early investor in Sunburn.
Sunburn is a rapidly growing, privately held, single-state operator that owns and operates 14 retail locations in key markets throughout Florida. Florida is currently the largest medical market in the United States generating more than $2 billion in revenue, and if voters approve recreational use in November, the state is expected to become the largest legal cannabis market in the United States, with a projected market size of $4-6 billion. The company's growth and development is due in large part to a loyal and strong customer base and the brand's true roots nurtured in Florida's rich cannabis history.
“We are excited to welcome Emily Paksia to our board of directors,” said Brady Cobb, founder and CEO of Sunburn. “Poseidon is a leading investor in the cannabis industry, and her deep insight and experience will be a tremendous asset as we strategically expand our operations throughout the state of Florida.”
“Since our initial investment, Sunburn has become one of the leading companies in the Florida cannabis market, consistently ranking at or near the top of the state in sales rankings for most THC sold per store as compiled by the Bureau of Medical Marijuana Use,” said Emily Paxcia, co-founder and managing director of Poseidon. “Cannabis isn't easy, and Florida is no exception, especially as incumbents compete on pricing strategies. Sunburn has jumped into the Florida market by leveraging their authentic story, experienced team, great retail locations and commitment to quality product, and we're excited to further support their growth.”
About Poseidon
Poseidon is a leading investor in the legal cannabis and hemp industry with over $100 million in assets under management. Poseidon and its affiliates have been actively investing in cannabis since 2013 and have deployed capital in approximately 200 companies at various stages and verticals around the world. The firm is actively involved in state and federal efforts to advance cannabis law reform, most recently partnering with Boies, Schiller & Flexner LLP to challenge the Raich v. Gonzalez SCOTUS lawsuit. For more information, please visit www.poseidon.partners.
About Sunburn Cannabis
Sunburn Cannabis is a brand developed by Florida-based Sunburn Holdings, LLC. The company was founded to build an authentic, ultra-premium, Southern cannabis brand that celebrates the rebellious, rock-n-roll free spirit and cannabis culture of America. The Sunburn Cannabis brand is based on the true story of CEO and founder Brady Cobb and his late father, Clyde Walton “Bill” Cobb. Bill was one of the biggest cannabis smugglers in the 1970s and 1980s, but was jailed by the DEA's special task force, Operation Sunburn. Sunburn embraces the culture and traditions passed down from its founders, employs a team that is passionate about cannabis, and cultivates only the highest quality products. Sunburn currently has 14 retail locations throughout Florida. For more information, please visit www.sunburncannabis.com.
Source: Sunburn Cannabis
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