The California-based cannabis brand Leune announced a $5-million capital raise Thursday supported by celebrity investors like professional basketball player Carmelo Anthony, his wife and TV personality La La Anthony and sports agent Rich Paul, who's known for representing LeBron James and Anthony Davis.
The funding round was also backed by music manager Anthony Saleh, who represents rapper artists Nas and Future, and also by Karan Wadhera and Yoni Meyer, partners at the cannabis-focused venture capital company Casa Verde Capital.
“We are thrilled that such accomplished investors will be joining us in the LEUNE-iverse,” Nidhi Lucky Handa, Founder and CEO of Leune said in a statement.
“Having their support through this crucial growth stage makes a world of a difference for a brand of our size, and we look forward to building one of the leading names in cannabis together.”
The company said it plans to use the collected capital to further expand its reach across both the medical and recreational markets, and to advance its product innovation activities.
At the moment, Leune offers 18 products in more than 130 California dispensaries and through 19 online delivery platforms.
“On top of it all, we’ll also be able to grow our incredible team. It’s truly a transformational opportunity for us,” Handa said.
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Leune is focused on cannabis 3.0 consumers, and its product line includes jarred flower, pre-rolls, PAX vape cartridges and vaporizers.
“I've been seeking to make an investment in the cannabis industry for quite some time, but never found a brand that resonated with me until I came across Nidhi and her products,” La La Anthony said. “Founded by an extraordinary woman of color, LEUNE has both a mission and aesthetic that really strikes a chord.”
The company is also known for supporting social justice activities, partnering with The Last Prisoner Project, Eaze Momentum and the Floret Coalition.
Courtesy image.
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