Listen — Social Beverage

The Leading Investor in THC Beverages

Investing in this social beverage tipping point since 2023.

1 — A category shift is happening

A new way to drink is emerging

Alcohol is plateauing. Consumers are shifting toward control, functionality, and better-for-you alternatives.

THC beverages sit at the center of this shift:

Social
Social, but not alcohol
Functional
Functional, but still fun
Familiar
Familiar formats, entirely new behavior

This isn’t cannabis. It’s a new category of drinking.

2 — Consumer research

Our point of view is built on real behavior

We conducted one of the most comprehensive studies in the category:

500+ THC beverage consumers surveyed
In-depth qualitative interviews
Expert conversations across the ecosystem
Store visits across key markets

Plus ongoing social listening across the category.

We mapped:

Usage occasions
Purchase triggers
Dosing preferences
Emotional drivers

Core insight: This is a behavioral category, not a product category.

Consumers use THC beverages across distinct moments:

Social
Party, group settings
Personal
Unwind, relief, sleep
Functional
Focus, creativity, recovery
THC beverage occasion states — Listen Research

The winners will own these moments.

3 — At the center of the category

We helped bring the ecosystem together

Over 18 months, we:

This work culminated in So Curious—the first conference dedicated to THC beverages.

40+
Speakers
300+
Attendees

Founders, retailers, distributors, regulators, and investors.

We don’t just participate in the category—we help shape it.

4 — Our investments

Backing the companies defining the category

We believe this will be a multi-winner market across formats, occasions, and price points.

Delta

Mass-market leader built for scale—price, distribution, and velocity

Magic Cactus

Premium, brand-led approach anchored in experience and design

Easy Man

Alcohol-adjacent format bringing THC into familiar rituals

Our approach: Backing brands across different occasion states.

5 — Why Listen

We invest at behavior-shifting inflection points

For 15+ years, we’ve backed categories at the moment they break:

Mental Health Calm (2012)
Better-for-you Food Factor (2015)
Nicotine Alternatives Black Buffalo (2022)
Social Beverages THC (2023)

Pattern: Behavior shifts → new rituals → new category leaders

We bring:

Building the future of drinking?

We’re actively investing in THC beverages.