# Next round coming soon!  | Cornbread Hemp®

- Canonical URL: https://wefunder.com/feed/161164
- Entity ID: wefunder:feed_item:161164
- Published at: 2023-02-08 22:22:39 UTC
- Updated at: 2025-07-09 03:22:54 UTC

## Author
Jim Higdon

## Subject
Cornbread Hemp®

## Content
Hello, Cornbread Hemp investors!It’s been a wild month since the New Year as we prepare for our biggest year yet at Cornbread Hemp. Here’s a few things to know:&nbsp;Revenue – We finished 2022 at $6.5M in gross revenue and $5.5M in net revenue (after discounts), more than 10% ahead of projections and nearly 200% year-over-year growth. We finished January at $931K in gross revenue, $791K in net revenue (after discounts) which beat our projections of $670K.&nbsp;Fundraise update – We closed the Reg D portion of our seed round with $1.675M raised from 12 investors.&nbsp;Next Wefunder round – We are now prepared to go live on Wefunder to close the remaining $325K to bring our total amount raised from the seed round to $2M. With all the requirements to file the Form C finished, we are now just waiting on legal review from attorneys in order to pull the trigger on our second Wefunder campaign with a pre-money valuation of $10M – a bargain for investors, given that we just did $6.5M in gross revenue last year!&nbsp;Existing Wefunder Convertible Note – The convertible note from 2020 was set to mature this past October. The lead investor in the note has extended the conversion date of the note to give us time to close this round on Wefunder. Once the round is closed we will officially convert the original Wefunder note into equity. The note will convert at a $4M valuation, and the company will have a post-money valuation of more than $13M. That means investors from the original Wefunder round will have more than 3x’ed their initial investment on paper.In short, this is an exciting time for everyone in the Cornbread Hemp family, especially our Wefunder investors who have been with us since the beginning. More details will be coming soon as we open up our second Wefunder campaign!&nbsp;