fbpx
QQQ
+ 2.58
328.93
+ 0.78%
DIA
+ 2.29
343.25
+ 0.66%
SPY
+ 2.93
416.17
+ 0.7%
TLT
-0.69
140.61
-0.49%
GLD
+ 1.55
168.49
+ 0.91%

Hemper Raises $10M In Series A Financing: What You Need To Know

December 14, 2018 2:27 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

Earlier this week, cannabis accessories and lifestyle brand Hemper announced the closing of a $10-million Series A financing round that follows a $1-million seed round completed over the summer. 

The proceeds will be used to support growth and build out a national online cannabis ordering platform that will connect consumers and dispensaries, according to the company. 

Why It Matters

This year has brought multiple capital raises and investments in the tens and hundreds of millions — even billions — among cannabis companies. What's the significance of a relatively small raise like Hemper’s?

What makes this particular raise interesting is the fund behind it. The round was led by San Francisco-based, cannabis-focused hedge fund Poseidon Asset Management along with Evolution VC Partners, the New York-based VC fund that led Hemper’s seed round. These funds have a history of investing in the same companies, with their joint track record including other smoking-and-vaping-related businesses like PAX Labs and JUUL Labs.

Learn, connect or raise money at the leading event for connecting cannabis companies to investors.

“Hemper represents a true evolution in the smoking world and is allowing consumers to finally have elegant yet professional products that are hip and do not represent the ‘Cheech & Chong’ imagery of a generation past,” Evolution VC Partners' Gregg Smith told Benzinga.

Hemper has reached more than 250,000 customers and recognizes that today's smoker is "more mainstream, educated [and] affluent," and seeks innovative, well-designed products that might play well on social media, the venture capitalist said. 

Emily Paxhia, co-founder and managing partner at Poseidon Asset Management, said: Hemper "is demonstrating a focus on learning from and catering to the modern cannabis consumer via their platform, which is part of a shift in the broader cultural interest in cannabis. Focusing on the consumers’ interests and drawing from their data and feedback enables a bespoke and curated experience."

Related Links:

10 Reasons To Attend Benzinga's 2019 Cannabis Capital Conference

Green Wednesday: 2018 Sales Data Shows The Date Is A Bestseller For Cannabis Companies


Related Articles

Poseidon Launches $50M Fund To Support Post-Seed Stage Cannabis Companies

Poseidon, one of the longest-running dedicated cannabis investment funds, recently launched the Poseidon Garden Fund in partnership with CanopyBoulder founder Patrick Rea and former CanopyBoulder director of operations, Celia Daly. read more

Cannabis In Mexico: Uncertainty Swirls Heading Into June Elections After Lawmakers Fail To Pass Adult-Use Laws Yet Again

On April 30, Mexico's Congress failed to pass adult-use legalization orders that were handed down by five Supreme Court rulings. The latest development marks the fourth time the deadline has not been met. The decision puts the future of cannabis legalization into an uncertain area in Mexico as operators, advocates and lawmakers await the next steps. read more

Red White & Bloom's Brad Rogers On The Power Of Branding In Cannabis

During a recent interview with Benzinga, Red White & Bloom Brands Inc.'s (OTCQX: RWBYF) chairman and CEO Brad Rogers said he and his team are focused on executing the business plan they believe works. "We know our business. We know our plan," the CEO said. read more

Novamind And Field Trip Expand Footprint Of Psychedelic Clinics

Novamind Inc. (OTCPink: NVMDF), a company specializing in mental health and psychedelics treatment, announced on Tuesday it intends to open four new psychiatry clinics in Utah. read more