Despite a crowded CBD landscape, Kentucky-based Cornbread Hemp has raised its goal of $107,000 in 17 days from 177 investors on the crowdfunding platform Wefunder. Cornbread Hemp said it is taking 250 years of Kentucky hemp farming traditions and crafted it into top-shelf CBD products. By selling a small percentage of their company, Cornbread Hemp will be able to expand its portfolio of Kentucky Proud, USDA certified organic CBD products to customers and retailers nationwide.
“While we have been flattered by the outpouring of support from our friends, family, customers, business associates, and total strangers, we think we know why they’re investing in us,” said Jim Higdon, Cornbread Hemp’s co-founder and chief communications officer. “Our investors seem to understand that Cornbread Hemp has the traction and vision to succeed in the CBD industry for the long term.”
The name “Cornbread” comes from the Cornbread Mafia, an outlaw group that kept Kentucky’s hemp traditions alive through decades of prohibition. Kentucky-grown hemp is now beginning to receive the nationwide respect it deserves, even in fully legal cannabis states. “That’s why we have investors and customers from places like Colorado, California, Oregon, Washington State, and Hawaii,” said Higdon.
Cornbread Hemp’s new investors include Dr. Leslie Mudd, PharmD, a board-certified oncology pharmacist; Gill Holland, a Louisville developer recently featured in the New York Times; and Render Capital. The other 174 investors come from 36 states and five continents. “Cornbread Hemp is a well run, well managed, and well thought out local business,” Dr. Mudd said on Wefunder. “Cornbread Hemp parlays a great ‘historical’ story … into a Kentucky-grown product with unlimited possibilities.”
Cornbread also noted that part of its fundraising success came with the support of Louisville’s entrepreneur community from Mayor Greg Fischer, LEAP Louisville, MetroStart, Louisville Future, and a $20,000 matching investment from Render Capital, through their partnership with Wefunder. “Capital is an essential ingredient in a thriving regional ecosystem and new methods of supporting growth are necessary,” said Marigrace Ragsdale, an associate at Render Capital. “We are excited to help support Cornbread Hemp’s use of this accessible platform that allows the community to participate while allowing flexible funding structures for the entrepreneur.”
It may also help that the company’s products are organic and this is becoming more and more important to consumers in these days of virus pandemics. Cornbread Hemp offers CBD oils that are USDA certified organic. Its organic hemp is planted in soil that has been pesticide-free for at least three years and grown without synthetic fertilizers. “After harvest, our processor extracts the organic hemp using organic sugarcane ethanol and blends it with organic coconut MCT oil in a certified organic facility to make Cornbread Hemp’s finished organic products. To ensure compliance with the high standards of the USDA National Organic Program, a third-party certifier audits the entire supply chain of every ingredient to verify they are free from any contamination and worthy of the USDA organic seal.”