Cornbread Hemp (2023)

Cornbread Hemp (2023)

Closed: Mar. 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.

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Investment Overview

Invested this round:
$432,404 - RegCF
$2,107,404 - Total

Deal Terms

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)    Open SEC Filing

Price Per Share

$13.23

Pre-Money Valuation

$9,998,268

Company & Team

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

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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Company Funding & Growth

Funding history

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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Growth Charts

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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Add to portfolio
Cornbread Hemp on Wefunder 2023
Platform: Wefunder
Security Type: Equity - Preferred
Valuation: $9,998,268
Price per Share: $13.23

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Warning: according to the close date for this deal, Cornbread Hemp may no longer be accepting investments.

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