Cannabis-centric lifestyle firm Future State Brands debuts with $25 million in funds
Future State Brands (FSB) is the latest name in the luxe cannabis industry, newly launching as a consumer goods and marketing holding company with the help of a $25 million funding infusion.
Formerly known as Prøhbtd Global, the rebranded FSB carries an array of brands including its flagship cannabis-centric lifestyle brand, Prøhbtd. That's in addition to hemp beauty line, Hempathy; beverage brand, Ceeby Dee's; infused wearables brand, The Patch Co.; and flower brand, Heavy Grass.
FSB is led by Drake Sutton-Shearer, the chief executive officer and founder of the Prøhbtd brand. With over five years of experience in the industry, Sutton-Shearer will now be supported by a team with experience at brands like Coca-Cola, Patagonia and L’Oreal and with specialist expertise in THC, hemp and CBD, the company said.
The latest round of funding, led by Dallas-based Cresco Capital, will help FSB develop products, make acquisitions and build brands within the increasingly popular cannabis market. Among its latest business moves, FSB recently acquired a majority interest in premium hash brand Hot Nife, and is now working to reintroduce the brand to the market.
"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 [Sutton-Shearer] and his team and trust his long-term financial and creative vision."
The company’s growth will be further supported by licensing agency partner, Beanstalk. According to a press statement, Beanstalk will focus on brand extension opportunities across multiple categories that expand the company's footprint both within mainstream retail and in collaboration with like-minded manufacturers and brand partners around the world.
FSB is poised to benefit from the ever-growing U.S. nutraceuticals industry, with sales of CBD alone projected to reach $22 billion by 2022, according to a 2018 report from Brightfield Group.
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