THC Beverage Uncle Arnie's Raises Capital With Investments From Samuel Adams Founders

California-based cannabis-infused beverage brand, Uncle Arnie’s confirmed Tuesday it has raised a strategic investment from Harry Rubin and Lorenzo Lamadrid – the two founding partners of Boston Beer Company’s flagship brand Samuel Adams.  Michael Carpenter, former CEO of Ally Financial (NYSE: ALLY) and Citigroup’s (NYSE: C) Global Corporate & Investment Bank, and VC investor Nick Carpenter participated in the round. The amount that was raised wasn’t disclosed.

The company plans to utilize funds to expand into additional states and place itself on a path to achieve profitability in 2023.

“Our ability to bring in investments from craft-beer pioneers Harry and Lorenzo and financial leaders Mike and Nick validates our mission and business plan, especially in the currently challenging market for cannabis companies looking to raise capital,” stated Uncle Arnie’s CEO Theo Terris. “Harry Rubin and Lorenzo Ladrid’s experience developing beverage brands from the ground up and Mike Carpenter's experience leading financial institutions will be invaluable to Uncle Arnie’s as it continues to scale.”

Uncle Arnie’s, launched in May 2020, with the goal of changing how people perceive, consume, and enjoy cannabis. In three years, the company has sold more than one million units to become the top-selling cannabis beverage brand in California. According to cannabis data provider Headset, Uncle Arnie’s has seven of the top 10 best-selling cannabis beverage SKUs in California concerning both total unit volume and sales.

“Our focus for the first three years since Uncle Arnie’s inception was leading in California, the largest and most competitive market where cannabis brands are born. Since achieving that goal, we plan to expand into markets where the brand will continue to perform well,” stated Uncle Arnie’s president, Alberto Esquenazi.

Uncle Arnie’s expanded into Oregon in Q4 2022 and, last week, successfully launched in Nevada at top cannabis-dispensary chains, including Rise and Cookies. Currently, it sells its products in more than 600 licensed California dispensaries and it will reach Michigan this summer. It is also negotiating to expand to additional states.

Photo: Courtesy image