Fernway Reports 2024 Q2 Results & Update on Strategic Transactions

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Jul 08, 2024, 08:00 ET

NORTHAMPTON, Mass., July 8, 2024 /PRNewswire/ -- Fernway, the leading Northeastern US cannabis brand, today reported its financial results and an update on strategic transactions.

For the quarter ended June 30, 2024 (Q2), Fernway generated $10.2M in wholesale revenue and an estimated annualized retail gross merchandise value (GMV) of $85M+. This represents +135% year over year growth, an acceleration vs Q1 2024.

For the quarter ended March 31, 2024 (Q1), Fernway generated $7.5M in wholesale revenue and an estimated annualized retail GMV of $60M+. This represents growth of +63% year over year compared with the Q1 2023 period.

Delta Emerald Ventures led a $6M Convertible Note Equity Financing for Fernway that closed in April 2024, which included Lago Innovation and many existing seed investors. Fernway first met Ian Dominguez of Delta Emerald Ventures at the 2022 Benzinga Capital Conference in Miami.

Fernway closed on a Guidance Line with a New England-based Bank in June 2024, which will provide debt financing at Federal Home Loan Bank of Boston Rate plus 6%. This equates to a 10.5% annualized rate today.

Fernway entered the New York adult-use cannabis market in February 2024, and continues to evaluate expansion opportunities nationwide.

About Fernway

Fernway, the leading independent cannabis brand in the Northeastern US, believes cannabis makes the good life even better. The brand name is inspired by fernweh – the longing for faraway places. It's at the heart of why we love cannabis. Because life's an adventure, and we want you to savor every moment of it.

Fernway at its core is a brand and product innovation business focused on delighting customers. The company was founded in 2018, and is available for sale in Massachusetts, New Jersey and New York.

About Delta Emerald Ventures

Delta Emerald is a private equity investor that combines proprietary software and market expertise to create value. The firm invests in exceptional companies at the intersection of cannabis, data, and technology.

Delta Emerald architected a cutting-edge data platform designed to seamlessly aggregate cannabis data to extract invaluable insights, benefiting both the firm and its portfolio companies

About Lago Innovation

LAGO Innovation Fund, part of LAGO Asset Management, supports growth by delivering customized term loan credit facilities and equity co-investments to founders and investors of high-growth "disruptor" companies. Through its experienced team with expertise in private credit, LAGO specializes in providing capital, typically from $3-$30MM to fuel the growth of emerging leaders in a wide range of sectors including XaaS, Mobility, AI, Climate Tech, Space Tech, Health + Wellness, Clean Beauty + Skincare and E-Commerce. The company acts as a partner to structure founder-friendly investments that provide incremental, longer-term investable capital to drive market penetration and ultimately the value of a business. To learn more, visit LAGO Innovation Fund and follow on LinkedIn.

About Benzinga

Benzinga.com launched in 2010, and it has since grown to become a hub for actionable information on the capital markets with approximately 25 million readers per month. Benzinga.com is supported by a high-speed newswire, Benzinga Pro, which is home to exclusive market-moving news.

SOURCE Fernway