Tress Capital Portfolio Company Tyson 2.0 Completes $9 Million Series A
ORANGE COUNTY, Calif., June 30, 2022 /PRNewswire/ -- Tyson 2.0 ("The Company"), iconic boxer, entrepreneur and cannabis advocate Mike Tyson's cannabis brand, has taken the nation by storm by becoming a consumer favorite in over 20 US states and Canada since its launch late last year. In that time, Tyson 2.0 has sold over 4,000 pounds of cannabis flower across North America. Today, the Company announced the close of its oversubscribed $9 Million Series A round led by JW Asset Management. Additional investors in the round include K2, Ambria Capital, Tress Capital, and Patrick Carroll.
Tyson 2.0 Co-founder, President and Chairman, Chad Bronstein said, "Mike Tyson and our team believed early on that building high-quality cannabis brands and products backed by A-list celebrities would be a winning combination. Our model has shown early validation with robust sales and expansion of the brand to more than 20 states including several of the world's leading operators. The next step in our journey will require us to put more capital to work, and I couldn't think of a better set of partners than the group of investors we have assembled, highlighted by Jason Wild and the team at JW Asset Management."
The raised funds will be used to acquire more celebrity intellectual property, scale marketing efforts, accelerate distribution, and further invest in the development of Tyson 2.0's house of brands strategy.
"I've had the pleasure of working with and knowing Chad and Adam for many years. I am impressed with how quickly they have scaled the business becoming one of the leading national cannabis brands on the market today. With the ability to develop additional products from celebrities like Mike Tyson, Ric Flair, and more to come, I am confident the strong momentum can continue," said Jason Wild, President and Chief Investment Officer, JW Asset Management.
Tyson 2.0 is also pleased to announce the appointment of Nicole Cosby as its Chief Legal and Licensing Officer. Cosby also served as Chief Data and Compliance Officer of Fyllo Group and prior to this, held the position of Senior Vice President of Standards at Publicis Group. Cosby is an attorney by trade and has a background in digital advertising/data policy and brand strategy/licensing.
Bronstein concluded, "This is just the beginning, Tyson 2.0 is being sought out by some of the hottest pop culture icons who are cannabis advocates and users, and want the opportunity to share their love of the plant with their fans."