Hervé says it successfully closed its oversubscribed $3 million Series A round of funding, accelerating its growth and supporting new opportunities across the cannabis industry.
Since its launch in February 2020, Hervé has created a new category of edibles for Nevada’s discerning cannabis consumer. Its portfolio launch included three varieties of gluten-free French macarons. Strong demand for additional flavors resulted in Hervé expanding the portfolio with two new flavors in mid-2020.
Following its macarons, Hervé launched its 'Le Mirage' collection of four gluten-free and vegan hard candies. Le Mirage candies are completely free of processed sugar, feature all-natural ingredients, offer sublingual faster-onset and have less than 2 calories per serving. Flavors include Menthe (peppermint), Pêche (sour peach), Pomme Verte (sour green apple) and Cerise (cherry). The Le Mirage collection features a patent-pending dispensing system that enables discrete consumption for any occasion.
Hervé is now focused on expanding its winning formula to other markets. With the additional capital, Hervé will launch in two new cannabis markets before the end of 2021 and expand into three additional markets in 2022. The funding will also be used to add both new flavors of existing products and new products altogether to Hervé's product portfolio.
"While we originally set out to create a new category of cannabis edibles, we never expected that we would already be introducing new products and planning our expansion within a year of launch," said Sebastien Centner, founder and president of Hervé. "We are thrilled about where the next two years will take us as Hervé becomes a household name available in markets across the US and recognized as the benchmark for luxury cannabis products."
The Series A round was completed with existing and new investors participating, along with a new investment by SOL Global Investment Corp. In addition to its investment, SOL Global will provide Hervé with strategic support to bring the Hervé brand to more markets and more outlets.
"With cannabis markets maturing we're seeing increased value in premium brands that dominate their category. The track record for the launch of Hervé in Nevada speaks for itself in creating a new ultra-premium offering." said SOL Global's Chairman and CEO Andy DeFrancesco. "We continue to invest in strong management teams that see the importance of innovation as the foundation for growth. Hervé represents all these things to us and we are excited about the company's direction."
In addition to its line of hand-crafted macarons and 'Le Mirage' sublingual hard-candies, Hervé is developing a series of effect-based cannabis products tailored to the growing national CBD market while planning to add more products to its portfolios over the coming months.