A cannabis consumer goods and marketing holding company led by PRØHBTD CEO and Founder Drake Sutton-Shearer has launched with $25 million in funding, according to a Sept. 20 press release.
Formerly PRØHBTD Global, Future State Brands (FSB) oversees a portfolio of THC, hemp and CBD brands, including hemp beauty line Hempathy, beverage platform Ceeby Dee’s, art-centric infused wearables The Patch Co. and music-driven flower brand Heavy Grass. The company’s flagship PRØHBTD recently launched an immersive website that integrates content and eCommerce.
“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,” Sutton-Shearer said in the press release.
Dallas-based Cresco Capital led the funding round, bringing the total investment in Future State Brands to $25 million. The new funds will be used to develop new products, make acquisitions and build market-leading brands.
“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.”
FSB also recently acquired a majority interest in premium hash brand Hot Nife, working 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.
In addition to Sutton-Shearer, a number of PRØHBTD executives will move into new roles under FSB, including Chief Financial and Operating Officer Frank Carrère, 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.