Employee-Owned, Community Wealth-Focused Cannabis Startup ‘The Honeybee Collective’ Raises $107,000 in First Funding Round
The Denver-based venture has received investments from 54 individuals so far, with investors contributing amounts from $100 to $10,000.
DENVER, Jan. 05, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- The Honeybee Collective, an employee-owned, community-driven, sustainable cannabis startup launching in February 2022, is thrilled to announce it raised $107,000, a first-round maximum, in just four days. Along the way, the campaign broke crowdfunding platform Mainvest's 48-hour funding record, raising $80,000. The company’s campaign will reopen on January 10, 2022, with an overall fundraising goal of $250,000.
The Denver-based venture has received investments from 54 individuals so far, with investors contributing amounts from $100 to $10,000. Individuals can make investments through the Mainvest campaign page until Tuesday, March 1, 2022.
The success was expected, but the rate even surprised team leaders.
"We knew our community would support The Honeybee Collective’s mission because we built our brand in direct conversation with them, but we never could have predicted how that support would translate into dollars so quickly," said Erin Parkins, co-founder and managing partner, Marketing and Operations. “We’re thrilled that as our company makes money our profits will be shared with the people who matter most: our employees and our community members.”
Wealth inequality is a primary focus of the startup. A company survey of 650 cannabis consumers found half listing wealth inequality as a primary concern.
The Honeybee Fund, a community-advised fund, allocates 10% of all company profit for reinvestment in the communities the company operates in, focusing on organizations also working to address wealth inequality. The fund is driven by a Community Advisory Board that thoroughly researches the community's needs and advises where the money will be most impactful. Quarterly information will be publicly provided detailing the efforts of the company and the fund.
Kate Myers, co-founder and managing partner, Community and Culture, said The Honeybee Collective seeks organizations and individuals to help further the effort.
"We believe, and the research shows, that the most effective way to combat wealth inequality is to put money directly into the hands of the people and trust them to use it as they need," she said.
Additional selling points investors should consider include:
- A business model aimed at quick and efficient scalability in Colorado and other U.S. markets, using a local focus to build within a state or community by partnering with local businesses
- Royalty-licensing model aimed at keeping brands focused on what they do best, producing high-quality, sustainable products
- A focused sales and marketing team that builds brands people want to support and buy from
The venture is committed to working with sustainable cannabis flower, cultivated in living soil, greenhouse grows, and solar-powered light. Growers can license The Honeybee Collective brand and product standards for a royalty percentage. Always keeping sustainability in mind, the company uses 100% recyclable, compostable, and upcyclable packaging to ensure minimal environmental impact.
For more information on The Honeybee Collective and its crowdfunding campaign, please visit https://mainvest.com/b/the-honeybee-collective-edgewater
About The Honeybee Collective
The Honeybee Collective is a Colorado-based employee-owned, community-driven, sustainable cannabis brand focused on creating community wealth and a more equitable future. Thanks to a dynamic team of talented individuals from various backgrounds, the dream is made a reality, exemplifying the importance of community and equity with every decision.
The Honeybee Collective hopes to serve as an example to the cannabis industry, demonstrating that an employee-owned, community-driven business model benefits everyone. With the cannabis industry in its infancy, it stands to become one of the first in the nascent cannabis space, hoping to serve as the catalyst for many more to come.
Press Contact:
The Honeybee Collective
Erin Parkins, Co-Founder and Managing Partner, Marketing and Operations
Email: [email protected]
Phone: 443-420-7489
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