Cornbread Hemp (2023)

About this raise

Cornbread Hemp, with a valuation of $9.99 million, is raising funds on Wefunder. The company has built on Kentucky’s 250-year cannabis tradition to create its CBD brand. The business runs a family-owned USDA organic farm and sells CBD products, including CBD oil, lotion, and gummies. Cornbread Hemp products are of superior quality and have a high number of return customers, with $300,000 in MRR from subscribers. Eric Zipperle and Jim Higdon founded Cornbread Hemp in January 2019. The current crowdfunding campaign has a minimum target of $50,009 and a maximum target of $324,994. The campaign proceeds will be used for digital marketing, lab equipment, and materials and inventory.

Investment Overview

Invested this round:

$432,404 - RegCF
$2,107,404 -

Deal Terms
Company & Team

Total Commitments

Platform: Wefunder
Start Date: 02/21/2023
Close Date: 03/29/2023

Min. Goal
$50,009

Max Goal
$324,995

Min. Investment

$100

Security Type

Equity - Preferred

Company Stage

Growth Stage

SEC Filing Type

RegCF / RegD 506(c)

Price Per Share

$13.23

Pre-Money Valuation

$9,998,268

Company

Year Founded: 2019
Industry: Alcohol, Tobacco, & Recreational Drugs
Tech Sector: Non-Tech
Distribution Model: B2B/B2C
Margin: High
Capital Intensity: High
Location: Louisville, Kentucky
Business Type: Growth
Company Website: Visit Website

Team

Employees: 22
Prior Founder Exits?: No

Founder Name: Jim Higdon
Title: Chief Communications Officer

Founder Name: Eric Zipperle
Title: CEO

Financials

Revenue +196% YoY: $5,500,000
as of FY2021
Monthly Burn: $12,317
as of FY2021
Runway: 20.6 months
as of FY2021
Gross Margin: 67%
as of FY2021

View Detailed Financials

Summary Profit and Loss Statement

	FY 2021	FY 2020
Revenue	$1,855,863	$429,871
COGS	$609,590	$177,363
Tax	$175	$0


Net Income	$-147,807	$-9,022

Summary Balance Sheet

	FY 2021	FY 2020
Cash	$253,583	$401,142
Accounts Receivable	$6,409	$3,948
Total Assets	$608,450	$536,549
Short-Term Debt	$692,518	$25,132
Long-Term Debt	$98,763	$446,441
Total Liabilities	$791,281	$471,573

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Ratings

Total Prior Capital Raised: $2,169,071
VC Backed?: No

Close Date	Platform	Valuation	Total Raised	Security Type	Status	Reg Type
03/29/2023	Wefunder	$9,998,268	$2,107,404	Equity - Preferred	Funded	RegCF / RegD 506(c)
10/31/2020	Wefunder	$4,000,000	$496,400	Convertible Note	Funded	RegCF

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Revenue
Valuation
Price per Share
Employees

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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View on Wefunder

Preferred Stock, $10M • Closed

14 Following

Add to Portfolio

36 Invested

Deal Considerations

Key Challenges
- No key challenges found
Other Risks
- No other risks found

Cornbread Hemp (2023)

Cornbread Hemp (2023)

About this raise