Hip-hop artist Travis Scott last week launched Cactus Farms in partnership with Connected Cannabis in California and Arizona, according to a Complex report. The line is described by Hype Beast as an “indica-leaning hybrid has a dense, purple bud structure that smokes with the same experience as sipping a fine wine” hand-selected by Scott.
In April, Connected, which describes itself as “the pioneer of ‘designer weed,’” announced a $30 million debt and equity capital raise. The company had previously raised $25 million in a Series A round of funding in July 2019. Connected said following the $30 million capital raise that it had experienced 68% year-over-year growth, a 75% revenue CAGR through 2021, and is currently EBITDA-positive.
Scott previously has had endorsement deals with McDonald’s, Nike, Playstation, Vans, and, most recently Dior, according to Complex. According to NME, the Dior collaboration is the first time a musician has created a collection with the fashion house.
A partnership between Canadian licensed producer Canopy Growth and Drake ended last month after fewer than two years. Financial documents filed by Canopy revealed the company took a $10.3 million loss in the deal and “de-recognized” another $33.7 million in future royalty payments to More Life.
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