Since its launch in February 2020, Hervé has created an entirely new category of edibles for the discerning cannabis consumer. In Nevada, dispensaries welcomed Hervé as a refreshing new category in the market that addressed the growing demand for higher quality cannabis products. The company’s portfolio launch included three exquisitely flavored gluten-free French macarons, which outsold all premium edibles in the market and commanded retail prices on average two to three times higher than competing products. Strong demand for additional flavors resulted in Hervé expanding the portfolio with two new flavors in mid-2020.
Following its macarons, Hervé launched its Le Mirage collection of four gluten-free and vegan hard candies. Le Mirage candies are completely free of processed sugar, feature all-natural ingredients, offer sublingual faster-onset and boast fewer than two calories per serving. Flavors include menthe (peppermint), pêche (sour peach), pomme verte (sour green apple) and cerise (cherry). The Le Mirage collection features a patent-pending dispensing system that enables discrete consumption for any occasion.
Having established itself as a leader in luxury cannabis products, Hervé is now focused on expanding its winning formula to other markets. With the additional capital, Hervé will launch in two new cannabis markets before the end of 2021 and expand into three additional markets in 2022. The funding will also be used to add both new flavors of existing products and new products altogether to Hervé's product portfolio.
"While we originally set out to create a new category of cannabis edibles, we never expected that we would already be introducing new products and planning our expansion within a year of launch," said Sebastien Centner, founder and president of Hervé. "We are thrilled about where the next two years will take us as Hervé becomes a household name available in markets across the U.S. and recognized as the benchmark for luxury cannabis products."
The Series A round was completed with existing and new investors participating, along with a new investment by SOL Global Investments Corp. In addition to its investment, SOL Global will be providing Hervé with strategic support through its vast network to help bring the Hervé brand to more markets and more outlets.
"With cannabis markets maturing we're seeing increased value in premium brands that dominate their category. The track record for the launch of Hervé in Nevada speaks for itself in creating a new ultra-premium offering." SOL Global Chairman and CEO Andy DeFrancesco said. "We continue to invest in strong management teams that see the importance of innovation as the foundation for growth. Hervé represents all these things to us, and we are excited about the company's direction."
In addition to its line of hand-crafted macarons and Le Mirage sublingual hard candies, Hervé is developing a series of effect-based cannabis products tailored to the growing national CBD market while planning to add more products to its portfolios over the coming months.
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