The U.S. Farm Bill designated hemp as an agricultural crop and made it legal to farm nationwide in 2018. In conjunction with this regulatory change, consumer interest in hemp and CBD products has created a market opportunity for entrants looking to satisfy consumer demands for hemp-derived products.ii Marijuana is grown by selectively breeding for high concentrations of the psychoactive tetrahydrocannabinol (THC), whereas hemp is cultivated for high concentrations of cannabidiol (CBD). According to the Farm Bill, hemp is legal provided that it contains no more than 0.3% THC.
- Min investment
- Amount raised
- Days Left
San Diego, CA
- Security Type
A convertible security is a security that can be converted into another security, typically equity in the next round of financing.
- November 19, 2020
- April 19, 2021
- Deal Structure
Conversion Provisions: In connection with equity financing of at least $1 million, the Company has the option to convert the Crowd Note into non-voting preferred membership interests (Conversion Interests) at a price based on the lower of (A) a 20% discount to the price per interest for preferred membership interests by investors in the Qualified Equity Financing or (B) the price per interest paid on a $6 million or $8.4 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.
- Working Capital
- General & Admin
- Investors that purchase the first 150,000 Crowd Notes, and thereby fund the first $150,000, will receive Crowd Notes with a conversion provision based on a $6 million valuation cap instead of a $8.4 million valuation cap. That means, in connection with equity financing of at least $1 million, the company has the option to convert the Crowd Note into non-voting preferred membership interests (Conversion Interests) at a price based on the lower of (A) a 20% discount to the price per interest paid for preferred membership interests by investors in the Qualified Equity Financing or (B) the price per interest based on a $6 million valuation cap (instead of $8.4 million).
CrowdLustro Research Report
Use of Proceeds
Co-Founder and CEO
Jason has accumulated more than six years of experience in the cannabis industry. Since co-founding Remedy Processors, he has focused on developing and maintaining positive relationships with each of the company’s clients. Before Remedy Processors, he led business development and operations at F/ELD and previously worked in TV and film production for a decade. Jason earned his BS in Film and Digital Media at University of California Santa Cruz.
Co-Founder and CTO
Before co-founding Remedy Processors, Gabriel trained at the MET Labs at the University of Southern California. At Remedy Processors, Gabriel drives research and development inside the company’s lab every day. He has worked at Frederick Dorwart Lawyers and Combi-Blocks as a part of their chemical engineering teams. Gabriel received his BS in Chemical Engineering from the University of Southern California, where he also received the Presidential Scholarship and was on the Viterbi School of Engineering Dean's List from 2014 to 2016.
Jesse’s background is in mechanical engineering, which informs his operational skills and focus in his role at Remedy Processors. He focuses on ensuring that the lab is operating efficiently so the company can better serve its customers. Jesse received his B.S. in Mechanical Engineering with a concentration in Industrial and Manufacturing Engineering from California Polytechnic State University, San Luis Obispo.
Head of Finance and Strategy
Pablo manages the company’s finances, as well as finding and developing growth opportunities for the business. Before joining the Remedy Processors team, Pablo worked as the Head of Growth for Matilock, Inc. and as a Financial Analyst for VEX Capital. He received a dual bachelor’s degree in Finance and Corporate Innovation and Entrepreneurship from the Kelley School of Business at Indiana University.
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