Cannabis Website Funding
The funding round was led by Lerer Hippeau Ventures, with participation from Slow Ventures, Buddy Media co-founder Michael Lazerow, Shiva Rajarama, Liquid 2 Ventures, Shopify CEO Tobi Lutke, Shopify COO Harley Finkelstein and Adam Zeplain.
Liquid 2 Ventures is led by former Hall-of-Fame footballer, Joe Montana. Speaking about the venture, Montana said: “During our research into the cannabis industry, it became clear to both myself and our team at Liquid 2 Ventures that HERB was the most professionally run business for relevant, informative, cannabis content.” He added, “With the trend quickly leaning toward national or even global legalization, we think it will be imperative that there is a reliable source of educational content, which will ensure that cannabis consumers are well-informed about the benefits as well as the risks of using the plant.”
HERB specializes in producing content on weed, including relative news and information on new technology. They aim to be a resource on everything weed related in the market. Their vision is to inform the public on the best choices for them surrounding the drug, while also entertaining with compelling video content.
As of June 2017, Tubular Labs estimated that HERB’s engagement was rivaling that of mainstream media companies with 5.3 million unique visitors per month. Since their foundation in 2016, they have received over 8.7 million Facebook likes and over 800,000 Instagram followers.
Ultimately, HERB wishes to expand beyond an online content business, and move into the technology sphere. The founders of the site want to see it providing a service where you can purchase cannabis from local stores. This weed would then arrive at your home by delivery.
The cannabis market is an area which investors have become very keen to become involved in. In Colorado, where the drug is legal, 18,500 jobs were created by the market in 2015. Taxes generated from cannabis sales are now three times greater than those from alcohol. The stock markets reflect this. Earlier this year, the government announced that cannabis would become legal in Canada. As a result, shares in the stock market rose exponentially. Aurora Cannabis Inc. witnessed its stock price increase by a 9% in a matter of hours following the announcement. Canopy Growth Corp. saw its shares rise to $10.84.