reef Grows

reef Grows

Early Stage

Converting cannabis consumers to cultivators with a premium home grow experience

Converting cannabis consumers to cultivators with a premium home grow experience

Overview

Raised to Date: Raised: $54,170

Total Commitments ($USD)

Platform

Wefunder

Start Date

04/16/2023

Close Date

12/01/2023

Min. Goal
$50,000
Max. Goal
$124,000
Min. Investment

$100

Security Type

Convertible Note

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$8,000,000

Discount

20%

Rolling Commitments ($USD)

Status
Funded
Reporting Date

12/30/2023

Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise

$238

# of Investors

28

Momentum
Funded
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Year Founded

2016

Industry

Alcohol, Tobacco, & Recreational Drugs

Tech Sector

Hardwaretech

Distribution Model

B2C

Margin

Medium

Capital Intensity

High

Location

Los Angeles, California

Business Type

Growth

reef Grows, with a valuation of $8 million, is raising funds on Wefunder. The business aims to convert cannabis consumers to cultivators with its products. The flagship product of reef Grows, reef Signature, will make home growing of cannabis aspirational for modern cannabis users and will help them grow the best flower they can find. reef Grows products are equipped with its proprietary water-recycling drip irrigation system and custom high-efficiency multi-zone LED grow lights. Conor Sheehan founded reef Grows in June 2016. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $124,000. The campaign proceeds will be used for research and development, costs in preparation for the first production run, and marketing.

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$0

$0

COGS

$0

$0

Tax

$0

$0

 

 

Net Income

$-60,301

$-52,505

Summary Balance Sheet

FY 2022 FY 2021

Cash

$16,081

$18,781

Accounts Receivable

$0

$0

Total Assets

$16,081

$18,781

Short-Term Debt

$79,961

$24,479

Long-Term Debt

$52,619

$50,503

Total Liabilities

$132,580

$74,982

Financials as of: 04/16/2023
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reef Grows on Wefunder 2023
Platform: Wefunder
Security Type: Convertible Note
Valuation: $8,000,000

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

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