Keurig founder Peter Dragone has joined the executive team of a startup marijuana accessories maker in Kentucky that’s aiming to begin its first funding round.
Dragone, who introduced K-Cups to the market in 2004, has taken a role as equity partner of Convenient Cannabis, the maker of Puffsy pods.
The single-serve pods, made of recyclable glass, are preloaded with cannabis and fit most standard bongs and pipes.
Dragone is not an investor in Convenient Cannabis, according to Convenient Cannabis CEO and founder Zechariah Corcimiglia.
But as “acting CFO and strategic adviser,” he will play a key role connecting the company with potential backers.
“He has this large network of venture capitalists and angel investors,” Corcimiglia told MJBizDaily.
“He is coming on as an equity partner and getting us ready for our Series A round of financing.”
The company is looking to raise $1 million on a $10 million valuation, Corcimiglia said.
Proceeds will be used to expand marketing and sales as the company seeks more licensing and distribution deals for Puffsy pods across the United States.
The product was released in the California market in March at select retail stores.
The pods fit into bong stems and pipes and is ready for use immediately, eliminating the process of grinding and packing flower into smoking devices.
“We mitigate all that. We’re selling convenience,” Corcimiglia said.
“I’m basically trying to build this model off of a Keurig business model.”
This isn’t the first time a Keurig executive has joined the cannabis industry, marking another important step as the sector seeks wider appeal and partnerships with mainstream businesses and leaders.
In 2015, Dave Manly, a former senior vice president with the coffee brewing system producer, became CEO of Massachusetts-based CannaKorp, which produces a vaporizer system called the CannaCloud.
Chris Casacchia can be reached at email@example.com.
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