Future State Brands Launches with $25M
LOS ANGELES, CA, Future State Brands has launched with $25 million in funding led by Cresco Capital.
Future State Brands (FSB), announces today the launch of a consumer goods and marketing holding company led by PROHBTD CEO and Founder Drake Sutton-Shearer. Future State Brands oversees a growing portfolio of THC, Hemp and CBD brands reinforcing the company's mission to take cannabis from the black market to the supermarket.
Having spent nearly six years in the cannabis industry building PROHBTD, Sutton-Shearer is supported by a team with proven mainstream CPG experience and specialist expertise in THC, hemp and CBD.
CEO Drake Sutton-Shearer says "I'm excited to move into this next phase of our journey with a crystal clear vision of our desired future state. Although brands is the vehicle to get us there, it cannot be achieved without an incredible team, accessible capital and most of all, an understanding of the customer we are building for."
The current Future State Brands portfolio includes: hemp beauty line Hempathy; functional beverage platform Ceeby Dee's; art-centric infused wearables The Patch Co.; and music-driven flower brand Heavy Grass. The company's flagship icon PROHBTD recently launched an all-new immersive website at www.prohbtd.com which integrates content and eCommerce with the brand expanding beyond its digital footprint into cannabis and street style consumer products in 2020.
Dallas-based Cresco Capital led this latest funding round, bringing the total investment in Future State Brands to $25 million.
"The Cresco Capital team is excited to partner with Future State Brands, and we see great potential in their expansion into the consumer-packaged goods space," said Matt Hawkins, Managing Partner at Cresco Capital. "We have had a longstanding partnership with Drake and his team and trust his long-term financial and creative vision."
This latest funding enables the company to develop innovative products, make acquisitions and build market-leading brands that resonate with their desired target consumer. As part of the company's overall strategy, FSB recently acquired a majority interest in premium hash brand Hot Nife, and are now working directly with founder Circe Wallace to reintroduce the brand to the market.
"Having navigated the California cannabis landscape for three years now, it's increasingly clear how important it is to have a solid team and resources to succeed. Being a part of the amazing team at Future State Brands ensures we will not only survive, we will thrive," Wallace said.
Future State Brands will also benefit from a deeper integration with strategic marketing partners Joel, Benji and Josh Madden who are successful entertainment entrepreneurs and cultural trend spotters.
"As partners with Drake and the team at PROHBTD for the past couple of years, we look forward to the continuation of our work together at Future State Brands by providing our insights and hands-on experience across the pop and sub-culture spectrums," said Joel, Benji and Josh Madden.
In addition to Sutton-Shearer, a number of PROHBTD executives will transition into new roles under Future State Brands, including Chief Financial and Operating Officer, Frank CarrÃ¨re, Chief Brands Officer, Craig Binkley, Chief Business Officer, Kieve Huffman, Senior Vice President of Marketing, Glenn Frese and Senior Vice President of Finance, Shannon Holtzman.
Future State Brands has also made new senior hires to support the company's efforts.
Marianna Burchfield, as Vice President of Consumer Brands, joins with more than 15 years of CPG marketing and innovation experiences across leading multinationals, such as Starbucks, L'OrÃ©al, Ferrero US and Johnson & Johnson.
Seychelle Bradley, as Vice President of Consumer Brand Sales, brings her global sales expertise in green beauty, cosmetics and personal care to the role, having been instrumental in the growth of high-end natural beauty brand OdacitÃ© Skincare.
Danny Rhodes, as Vice President of Design, is responsible for executing all aspects of FSB's creative needs. His prior roles include Creative Director at the Dupuis Group where he led groundbreaking work on behalf of clients such as PepsiCo/Frito-Lay, Patagonia Provisions, Nestle, Campbell's and more.
Luc Doucedame, as Senior Design Director, comes with 12 years of experience crafting impactful strategies and experiences across digital, advertising, and brand design/packaging for brands including P&G, Apple, House Beer, The Honest Company, Verve Coffee, Fred Segal, PacSun, Google and Esquire.
Samantha Fiock, named as Director of Consumer Brands, brings with her ten years of beauty experience. Sam managed global innovation for Dermalogica and she led all agency initiatives at HATCHBEAUTY Brands, working with clients such as Dollar Shave Club, eSalon and Robin McGraw.
FSB's licensing agency partner Beanstalk (an Omnicom agency) will be primarily focused on brand extension opportunities across multiple categories that expand the company's footprint at not only mainstream retail, but also in collaboration with like-minded manufacturers and brand partners around the world.
The company will also work closely with the newly-announced content services agency, RONIN. Created in partnership with PROHBTD co-founder and Chief Content Officer, Joshua Otten, and rapper and Cookies entrepreneur, Berner, RONIN offers customized content production and video distribution services for cannabis and hemp brands.
About Future State Brands (FSB)
Future State Brands is a global consumer goods and marketing company with a mission to lead cannabis from the black market to the supermarket. Our portfolio currently includes lifestyle and wellness brands across hemp, CBD and THC including flagship icon PROHBTD, Hot Nife, The Patch Co., Heavy Grass, Hempathy, and Ceeby Dee's.
Key strategic partnerships include Beanstalk Licensing Agency, Licensing Expo Trade Show, RONIN, Advertising Week, MDDN, Postmedia, and Regulated Solutions.
Future State Brands is headquartered in Los Angeles and backed with $25M in funding from prominent cannabis and mainstream investors.
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