Mike Tyson's cannabis brand Tyson 2.0, closed its oversubscribed $9 milllion series A round led by JW Asset Management. Additional investors in the round include K2, Ambria Capital, Tress Capital, and Patrick Carroll.
Tyson 2.0 co-founder, president and chairman, Chad Bronstein stated, "Mike Tyson and our team believed early on that building high-quality cannabis brands and products backed by A-list celebrities would be a winning combination. Our model has shown early validation with robust sales and expansion of the brand to more than 20 states including several of the world's leading operators. The next step in our journey will require us to put more capital to work, and I couldn't think of a better set of partners than the group of investors we have assembled, highlighted by Jason Wild and the team at JW Asset Management."
The raised funds will be used to acquire more celebrity intellectual property, scale marketing efforts, accelerate distribution, and further invest in the development of Tyson 2.0's house of brands strategy.
Appointment of chief legal and licensing officer
Tyson 2.0 appointed Nicole Cosby as its chief legal and licensing officer. Cosby also served as chief data and compliance officer of Fyllo Group and prior to this, held the position of senior vice president of standards at Publicis Groupe (OTCPK:PBCBF). Cosby is an attorney by trade and has a background in digital advertising/data policy and brand strategy/licensing.
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