Toronto-based cannabis media and tech company, Herb, lands $4.1 million funding with the help of Lerer Hippeau Ventures. Additional funding support was received by Slow Ventures, Liquid 2 Ventures, and Shopify’s CEO Tobi Lutke and COO Harley Finkelstein, to name a few.
Herb is one of the most popular online cannabis news providers with over 200 million video views, nine million Facebook likes and over four million unique website visitors a month. This funding will assist with the development of new digital platform and an app that will launch later this year..
“By 2020 cannabis will be worth $23.1 billion. When I looked at the data and looked at the trends, it seemed there was no better use of my time then to start an impactful business in the cannabis industry. This industry is blowing up,” said Matt Gray, founder and CEO of Herb.
“We have the largest focus group of cannabis consumers in the world,” explained Gray. “Millions use Herb every month, and all that data can be used to help people around the world make smarter decisions around cannabis.”
Herb joins a list of cannabis media platforms and news providers that are landing large sums of VC money to expand in their content and reach. High Times recently sold for $42 million, Civilized secured over a $1 million and Cheddar recently reported securing an additional $32 million.
Seems to be a good time to be in media.