NORTHAMPTON, Mass., July 8, 2024
/PRNewswire/ -- Fernway, the leading Northeastern US cannabis
brand, today reported its financial results and an update on
strategic transactions.
For the quarter ended June 30,
2024 (Q2), Fernway generated $10.2M in wholesale revenue and an estimated
annualized retail gross merchandise value (GMV) of $85M+. This
represents +135% year over year growth, an acceleration vs Q1
2024.
For the quarter ended March 31,
2024 (Q1), Fernway generated $7.5M in wholesale revenue and an estimated
annualized retail GMV of $60M+. This represents growth of +63% year
over year compared with the Q1 2023 period.
Delta Emerald Ventures led a $6M
Convertible Note Equity Financing for Fernway that closed in
April 2024, which included Lago
Innovation and many existing seed investors. Fernway first met
Ian Dominguez of Delta Emerald
Ventures at the 2022 Benzinga Capital Conference in Miami.
Fernway closed on a Guidance Line with a New England-based Bank
in June 2024, which will provide debt
financing at Federal Home Loan Bank of Boston Rate plus 6%. This
equates to a 10.5% annualized rate today.
Fernway entered the New York
adult-use cannabis market in February
2024, and continues to evaluate expansion opportunities
nationwide.
About Fernway
Fernway, the leading independent cannabis brand in the
Northeastern US, believes cannabis makes the good life even better.
The brand name is inspired by fernweh – the longing for faraway
places. It's at the heart of why we love cannabis. Because life's
an adventure, and we want you to savor every moment of it.
Fernway at its core is a brand and product innovation business
focused on delighting customers. The company was founded in 2018,
and is available for sale in Massachusetts, New
Jersey and New York.
About Delta Emerald Ventures
Delta Emerald is a private equity
investor that combines proprietary software and market expertise to
create value. The firm invests in exceptional companies at the
intersection of cannabis, data, and technology.
Delta Emerald architected a
cutting-edge data platform designed to seamlessly aggregate
cannabis data to extract invaluable insights, benefiting both the
firm and its portfolio companies
About Lago Innovation
LAGO Innovation Fund, part of LAGO Asset Management, supports
growth by delivering customized term loan credit facilities and
equity co-investments to founders and investors of high-growth
"disruptor" companies. Through its experienced team with expertise
in private credit, LAGO specializes in providing capital, typically
from $3-$30MM to fuel the growth of
emerging leaders in a wide range of sectors including XaaS,
Mobility, AI, Climate Tech, Space Tech, Health + Wellness, Clean
Beauty + Skincare and E-Commerce. The company acts as a partner to
structure founder-friendly investments that provide incremental,
longer-term investable capital to drive market penetration and
ultimately the value of a business. To learn more, visit LAGO
Innovation Fund and follow on LinkedIn.
About Benzinga
Benzinga.com launched in 2010, and it has since grown to become
a hub for actionable information on the capital markets with
approximately 25 million readers per month. Benzinga.com is
supported by a high-speed newswire, Benzinga Pro, which is home to
exclusive market-moving news.
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SOURCE Fernway