5 questions with Meriwether Group’s CEO on partnering with a potentially $100M cannabis business
Last month, Portland dealmaker and brand-builder Meriwether Groupannounced a partnership with Hifi Farms, a cultivation company with a 50-acre farm in Hillsboro that’s preparing for its first harvest within Oregon’s legal recreational marijuana market.
Hifi Farms pulls in about $30,000 monthly from a small indoor growing operation in Portland.
But if things go as planned, the company’s monthly revenue will jump to $200,000 after November's harvest, expected to be roughly seven to eight times the size of what the company grows now.
As the expansion continues, that number is expected to be over $1 million by the end of next year.
With the recent addition of edible forms of marijuana and cannabis concentrates to the Oregon market, plus Hifi’s potential to sell seeds and other strategies to come, David Howitt, Meriwether’s founder and CEO, expects Hifi will eventually be worth $100 million. Meriwether has an option to acquire a percentage of ownership in Hifi Farms, but he wouldn’t go into detail.
This is Meriwether’s first investment in the marijuana market, a substance still classified as illegal by the federal government. I caught up with Howitt to talk about what attracted him to the sector. You can read more about Hifi’s plans in this Friday’s edition of the Business Journal.