In this paper, we describe how we extended a distributed key-value store called Anna into an elastic, multi-tier service for the cloud. In its extended form, Anna is designed to overcome the narrow cost-performance limitations typical of current cloud storage systems. We describe three key aspects of Anna's new design: multi-master selective replication of hot keys, a vertical tiering of storage layers with different cost-performance tradeoffs, and horizontal elasticity of each tier to add and remove nodes in response to load dynamics. Anna's policy engine uses these mechanisms to balance service-level objectives around cost, latency and fault tolerance. Experimental results explore the behavior of Anna's mechanisms and policy, exhibiting orders of magnitude efficiency improvements over both commodity cloud KVS services and research systems.