TLDR:
- Sunburn Cannabis received a new investment from Poseidon, a leading venture capital fund in the cannabis industry.
- Emily Paxhia, co-founder of Poseidon, joins the Board of Managers of Sunburn Cannabis.
Sunburn Cannabis, a Florida-based cannabis operator, announced a recent capital investment from Poseidon, a venture capital fund focused on the cannabis industry. Poseidon made their initial investment in Sunburn in 2022 and is now supporting the company’s high growth throughout Florida. The investment has led to the appointment of Emily Paxhia, co-founder of Poseidon, to the Board of Managers of Sunburn Cannabis. Sunburn is a fast-growing, privately held single-state operator with fourteen retail locations in key markets across Florida. Florida is currently the largest medicinal market in the U.S., with over $2 billion in revenue, and the state is anticipated to become the largest legal cannabis market in the U.S. if recreational use is approved in November. Sunburn’s success in the market is attributed to their loyal customer following, authentic brand rooted in Florida’s cannabis history, and commitment to high-quality products.
Sunburn’s CEO, Brady Cobb, expressed excitement about welcoming Emily Paxhia to the Board of Managers, citing Poseidon’s significant insight and experience in the industry as valuable assets for strategic expansion. Emily Paxhia acknowledged Sunburn’s leading position in the Florida cannabis market and praised their approach to leveraging authentic storytelling, experienced team, retail locations, and high-quality products for success. Poseidon, with over $100 million in assets under management, has been actively investing in the legal cannabis and hemp industries since 2013, supporting nearly 200 businesses globally across various stages and verticals. Sunburn Cannabis, under the brand Sunburn Holdings, LLC, aims to build an authentic ultra-premium southern cannabis brand that celebrates American culture and cannabis traditions. The company currently operates fourteen retail locations in Florida and aims to continue its growth with the support of Poseidon’s investment.
