Investors continue to show their desire to invest in edible brands within the cannabis industry. The latest to have no problems raising money is Hervé. Well-known as the maker of those stunningly beautiful infused macarons, Herve closed on its oversubscribed $3 million Series A round of funding. Hervé said the funds will support its growth and fund new opportunities.
After making a name for itself in the industry with its macarons, Hervé launched the ‘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 boast 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.
“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.”
In Nevada, dispensaries welcomed Hervé as a refreshing new category in the market that addressed the growing demand for higher quality cannabis products. The portfolio launch included three exquisitely flavored gluten-free French macarons which outsold all premium edibles in the market and commanded retail prices on average two to three times higher than competing products. Strong demand for additional flavors resulted in Hervé expanding the portfolio with two new flavors in mid-2020.
Hervé said it is now focused on expanding its products to other markets. With the additional capital, Hervé said it 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.
Hervé is also 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.