New Mexico-based First Crop raises $4 million, seeks an additional $1 million for expansion
New Mexico-Based Hemp Company Seeks Funding for Expansion
As First Crop launches its third year of business, the future looks brighter than ever. After already raising more than $4 million, First Crop is seeking to raise another $1 million to expand its sales, marketing, and operations to meet the ever-growing demand for CBD products.
First Crop CEO Dave Weir is bullish on the prospects for both funding and business expansion. Even in the pandemic 2020 year, online sales increased month over month by an average 63%, the company launched 31 products, and First Crop was able to grow brick-and-mortar sales as well. But the company isn’t solely focused on capitalism; it’s focused on regenerative capitalism.
“We think differently about the world and our place in it. We realize that we live on a planet with ﬁnite resources and that traditional approaches to business no longer serve the vast majority of the world’s people nor the planet and are unsustainable,” Weir explained. "We believe in a more just form of capitalism and that the pursuit of social impact and creating shareholder value are not only not mutually exclusive but, if done right, can be mutually reinforcing.”
Weir has built First Crop following the regenerative principles developed by the Capital Institute. “In short, we seek to provide our investors with an attractive return, catalyze a movement to give back in the business community and to revitalize communities in need,” he added.
The case for hemp expands beyond the benefits of CBD products. First Crop is focusing on positively impacting rural America. The recent passage of the 2018 Farm Bill legalized the growing, harvesting and commercialization of industrial hemp for the ﬁrst time in 50 years, which has provided a rare opportunity to help small farmers and simultaneously heal our farming communities.
Hemp, the cousin of cannabis but without the THC, produces an oil extract called cannabidiol or CBD. CBD has been praised for its health and wellness beneﬁts and is popping up in a wide variety of foods, beverages, and supplements. Hemp also is used to make clothing, building materials, biofuels, and animal feed. The market for CBD products alone in 2020 is estimated to have exceeded $2 billion and is projected to be as high as $17 billion by 2025.
“By doing business in ways that yield not just financial profit, but also healing benefits to people, communities, and the environment, First Crop is fulfilling its mission that business can be a force for good,” Weir added.
People can participate in the next round of funding on First Crop’s crowdsourcing page at: First Crop
About First Crop First Crop is a CBD health and wellness company based in Santa Fe, New Mexico. First Crop was founded as a public benefit corporation by an experienced team of entrepreneurs with a vision to strengthen local communities and improve the health of the planet for future generations by harnessing the regenerative power of the hemp plant. For more information, go to FirstCrop.com. Dave Weir