HiFi Farms Names The Meriwether Group as Business Advisor
A firm known for patching up and selling some of Portland's biggest brands is now playing an expanded role in building one. Meriwether Group on Thursday announced a joint venture with cannabis company HiFi Farms.
Meriwether Group has become a part owner of Hii Farms and will advise the company going forward. Hillsboro-based HiFi Farms cultivates and produces marijuana.
Meriwether has been one of the most active dealmakers in Oregon recently, putting together sales of businesses including Dave's Killer Bread, Laughing Planet and Bike Gallery. It's also worked with Stumptown Coffee, Little Big Burger and Pendleton Woolen Mills.
The HiFi Farms engagement is unique in that Meriwether Group has started working with the business early in its life cycle. Meriwether CEO David Howitt said it reflects Hifi's potential.
"We were not going to get into this category unless it was a really disruptive true business," he said.
He compared it to Dave's Killer Bread, which grew from a stand at a farmer's market to a company with a national footprint. Howitt said Hifi could become a $100 million business.
"(HiFi) wants to be to the marijuana industry what Domaine Drouhin is to the Oregon wine industry."
HiFi is run by CEO Sara Batterby, whose background includes Bay Area venture and angel investing.
"After a year of rule making, Oregon has settled on the best and most business friendly regulations in the US for adult-use cannabis," she said, in a news release. "A new market for an incredible array of products will open up this year, and I believe that those who succeed in Oregon will be positioned to lead this industry on a national level as the federal laws evolve."