Cookies closed its series A round of financing, the company’s largest equity raise at the highest valuation since it launched in 2012.
Entourage Effect Capital led the round, followed by 12/12 Ventures. Matt Barron, co-founder and managing partner of 12/12 Ventures, has been appointed to the Cookies’ board of directors.
“We are thrilled to achieve this major milestone for the company, especially in light of the severe hardships being experienced across the industry,” stated Berner, co-founder and CEO of Cookies. “I am grateful for the support of our investors and am enthusiastic about the continued collaboration on our shared vision to keep Cookies the leading global cannabis brand.”
Dov Szapiro, co-founder and managing partner of Entourage Effect Capital, stated: “We are thrilled to join Cookies as they embark on their next phase of growth and expansion. The brand has authentically and emotionally connected with a devoted and fanatical consumer base globally, making it a true lifestyle brand. Cookies’ ability to tap into this loyal following is a testament to the authenticity of the brand, its products and its people. We look forward to collaborating with Cookies and supporting their continued success.”
In 2023, Cookies is expanding its product portfolio by 50% to drive revenue expansion and fuel margin improvement. In addition to fresh genetics and cultivars, the revamped product portfolio features proprietary hardware, CBD offerings, seeds, a glass line and introduction of the ‘flower tub.’
“Berner and Jai’s emphasis on differentiated genetics, premium quality, and constant innovation has created an international community of passionate followers for Cookies that is unmatched in the industry,” stated Matt Barron, co-founder and managing partner of 12/12 Ventures. “We’re enthusiastic about Cookies’ continued growth potential as the brand strategically broadens its product portfolio and enters new markets in both the U.S. and abroad.”
