The leading Boston-based firm involved in the business of CBD products for wellness enthusiasts, Beam, has raised $5 million in seed financing round led by Obvious Ventures.
Beam works to come up with products that are constituted of 100% CBD extracted from hemp plants. The firm has claimed that its revolutionary product is prepared without using any of the psychoactive ingredients that are present in tetrahydrocannabinol.
James Joaquin, the co-founder of Obvious Ventures, stated that “At Obvious, we believe that natural cannabinoids hold the promise for significant health benefits. We identified beam as a stand-out in a crowded landscape for their product innovation, rigorous focus on quality, and ensuring zero THC content in those products and their amazing growth within the fitness community.” He added that “We also feel that the pro-athlete pasts of both beam’s co-founders have informed a unique entrepreneurial skill, putting beam on a quick trajectory towards profitability.”
Sports cravers, athletes, or any person who is willing to explore cannabinoid-based solutions for their problems can heave a sigh of relief as Beam has chalked out a solution to vanish away all their worries. The firm which was started by Matt Lombardi and Kevin Moran to explore the benefits of cannabis-centered treatments in place of heavy pain killers and anti-inflammatories has been successful in winning the confidence of the targeted customers. In constant ibuprofen vs cannabis debate, the severe side effects of ibuprofen make it earn negative reviews from people around the world.
While Matt Lombardi was an ex minor league hockey player and serial entrepreneur, Kevin was a former baseball player in the minors. The two were friends who explored an array of remedial options while hunting for a perfect solution for the body ailments that were natural, non-toxic, and high performing. The firm was launched in 2018 when Kevin and Matt finally decided to introduce the world to cannabis-based treatment solutions for multiple issues.
Beam works to create CBD products that are effective but also do not contain traces of psychoactive ingredients in marijuana that could lead to problems for the users. The company stated that its products had been created with proper consultations from multiple laboratories so that there are no constituents of leads, heavy metals, as well as pesticides. The firm works in collaboration with leading fitness personalities like Mat Fraser, Brooke Wells, Tia-Clair Toomey, and Mikaela Mayer.
At present, the firm offers three lines of products to the customers, namely the cannabinoid-infused oils, cannabinoid-infused salve, and protein bars with cannabinoid powder. The oils cost around $60-$140 while the salves are sold for $60. The protein bars retail between $25 and $45. The three products can be ordered online and can be sold in every state.
With the pooling of capital, the firm aims to launch two different products to increase its product line. Beam is working on releasing a day time blend and a night time blend for its customers. In the future, the platform aims to roll out many more products with unprecedented benefits.
“At the high level, we look at being a performance wellness company.”
The curator further added that,
“We’re launching some blend products that will be purpose-driven for different use cases.”