Evolution Corporate Advisors was the sole investor. Evolution Corporate Advisors’ Gregg Smith has joined the Hemper board.
The company will use the new capital to accelerate sales, marketing and product development as well as expand into new geographic markets.
Launched in 2015 as a curator of monthly, limited-run cannabis accessory boxes, Hemper is a diversified cannabis accessory and lifestyle brand that designs and sells innovative products for the smoking market. It now has nearly 10,000 monthly subscribers with more than 200,000 boxes shipped to date. It also includes celebrity-designed and curated editions with original artwork that has definitely become collectors' items.
Hemper's growth has accelerated the movement of marijuana legalization movement and has also opposed destigmatization of cannabis use. District of Columbia along with the eight states have now permitted recreational marijuana use, and 30 have legalized medical marijuana.
Led by CEO Bryan Gerber, CFO Ravjot (RJ) Bhasin and COO Henry Kochhar, the company also designs and manufactures its own smoking products, selling them through its online platform and more than 700 stores nationwide. Retail distribution is expected to reach 3,000 stores by the end of 2019.