Province Brands, a Canadian-based cannabis beer brewing company, is looking for investors which will support its latest C$30m (€19m) funding round. Province Brands was founded two years ago and has succeeded in raising C$20m so far. Investors continue to key into this novel cannabis-beer industry as drive to legalize cannabis across the nation continue.
The owners of popular beer brands around the world like AB InBev, and Coors have recently begun investing in cannabis-infused beer. Although, Province Brands claims that its product is different from the others. According to the company, it replaces the barley in the beer-making process with cannabis – unlike other brands which add cannabis to the normal brewing process.
Dooma Wendschuh, founder of Province Brands, travelled to Dublin for the International Beer Strategies Conference in Clayton Hotel located on Burlington Road. He said, “Right now we’re closing down our latest funding round but we expect to go again. It’s a very capital-intensive business so we expect this fundraise to be followed by another of at least C$70m. The reaction to our meetings has been extraordinary, I’ve been doing follow-up emails on the plane ride back and conducting a bunch of follow-up calls.”
Wendschuh will also be giving the keynote address at the conference. He said the conference will also afford him the opportunity to meet face-to-face with “larger institutional investors”. According to him, “Fundraising is one of those things where you can walk out of a meeting and think it went really well and they say ‘NO’ and you can walk out and think it went terribly and they say ‘YES’ so it’s always really hard to say. But I must say it does seem very promising.”
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