Merida Capital Holdings, a private equity firm targeting fundamental growth drivers within the cannabis and hemp industries, today announced the graduation of High Road, an online cannabis marketplace and delivery service, from incubation to a full-fledged Series A-funded portfolio company.
High Road, founded by Jennifer Snowden, launched in June of 2020 as a result of the Inclusive Industry (“i2”) Accelerator, a business development program for minority and female-owned companies in the legal cannabis and hemp industry. The accelerator program was facilitated by Merida Capital Holdings and the Minority Cannabis Business Association (“MCBA”). High Road received $100K to fast-track development and has now transitioned from incubation to activation providing a safe, convenient, and fully compliant delivery experience for dispensary partners and consumers across the mid-Atlantic.
Merida and the MCBA evaluated more than 100 applicants before selecting five promising young companies to receive access to Merida’s executive mentorship and critical capital resources. High Road was one of five initial companies selected.
High Road’s technology platform and last-mile logistics make it a uniquely turn-key delivery solution. Its software features a custom mobile and web app, allowing consumers instant access to the delivery marketplace and dispensaries to easily manage orders, streamline operations, and increase brand exposure. This model proved especially effective as orders surged in 2020, with consumers staying home due to Covid-19. December sales were up 24 percent from November, and High Road is seeing 78 percent repeat customer orders in the new year.
“Thirty-three states allow cannabis deliveries, but only five states have an active delivery market, all of which are on the West Coast,” says Snowden. “At High Road, we’re primarily focused on the underserved East Coast markets. Our customers can easily browse, shop, pay, review, and track orders through our mobile app or website – all from the comfort of their home. Our priority is to provide opportunities for participants that might not have access or political clout necessary to obtain cultivation or retail licenses.”
“We first launched the i2 program to accelerate the development of minority and women-owned businesses within the cannabis ecosystem and couldn’t be prouder of the speed at which High Road has progressed,” says Mitch Baruchowitz, Managing Partner at Merida Capital Holdings. “Since joining the i2 program, High Road has evolved into a premier delivery service in the mid-Atlantic and a leader in a critical vertical within the cannabis industry. In turn, High Road has provided even more opportunities for women and minorities, which is what the i2 Program was built for.”
About High Road
High Road launched in June 2020 and believes in creating safe and easy cannabis access for all. As an all-in-one solution to cannabis delivery, the brand is committed to providing on-demand delivery services to cannabis consumers. High Road currently operates across the mid-Atlantic and partners with top dispensaries to provide software tools and a dedicated delivery team to facilitate and execute deliveries. To learn more about High Road, visit www.highroaddelivery.com.
About Merida Capital Holdings
Merida Capital Holdings is a private equity firm targeting fundamental growth drivers which accelerate the rapid development of the cannabis and hemp industries. Merida’s motto, Responsible Investing in the Cannabis Ecosystem, highlights its focus on governance while identifying leading cultivation technologies, products and services associated with the evolution of cannabis and hemp as agricultural products, plant-based medicines, constituents in pharmaceutical formulations and recreational consumer products. For more information, please visit www.meridacap.com or follow Merida on twitter @meridacap.