Last week, cannabis media company HERB closed a $4.1 million round, scoring some big name investors like Shopify's Tobi Lutke, Buddy Media founder Michael Lazerow and famed football legend Joe Montana. The investment, which is more than 3 times the average seed round, will give the company a significant leg up in becoming a major player in consumer-oriented cannabis media.
What does $4 million buy?
Some sweet real estate and top talent. The Toronto-based HERB is looking to expand into the U.S. market, starting in LA and NYC and hire a team of writers and developers. HERB is focusing on video, already boasting 200 million video views and 5.3 million unique visitors per month. CEO Matt Gray has ambitious long-term plans, stating he wants to eventually turn HERB into an online cannabis marketplace.
What does this mean for other Cannabis media outlets?
Status quo won’t cut it. There are millions of people interested in cannabis, and these consumers are looking for quality content to fuel their knowledge. Until recently, cannabis content has been hard to find and the media that existed was aimed towards a stereotypical “stoner” audience. The recent fundraising round by HERB cements the changing times, exemplifying that cannabis media companies who do it right will be rewarded with a loyal audience and investors. Hey...we're a media company who's doing it right! Right?