Cherry Street Pharmacy Closing Out Equity Raise on MicroVentures With Over 250 Investors
Cherry Street Pharmacy, a USA-based pharmacy that specializes in providing healthcare for underserved communities, is closing its Reg C offering on MicroVentures on January 11, 2021
TULARE, Calif., Jan. 8, 2021 /PRNewswire-PRWeb/ -- After a two month campaign, the Cherry Street Team has accepted investments in an effort to help Cherry Street build out its telehealth platform and expand its rapidly growing locations. During this time, Cherry Street raised over $70K with a strong community of 250 investors willing to back its mission to make healthcare more affordable, accessible, and streamlined. Non-accredited and accredited investors can still participate by investing in a convertible note at a 20% discount and a $13 million valuation cap.
Investors thus far are applauding Cherry Street for its huge financial success—the company generated nearly $3 million in revenue in the 2019 calendar year with only $5,000 in advertising and marketing spend. In 2020 the numbers were even better:
- $4.7 M in revenue (a 50% YoY increase)
- $1.25 M in net profit (a 480% YoY increase)
- $2.4 M in gross profit (a 150% YoY increase)
Founder Wenbo Liu attributes this success to a doing-well-by-doing-good ethos, "Cherry Street Pharmacy was founded with the sole purpose of centralizing healthcare around people, and providing healthcare to at-risk communities."
He continues, "There are too many hassles and frustrations having to go to your doctor for a prescription, then drive to a pharmacy to get it filled, to finally drive home—all potentially while you're sick. Even more, as the rising costs of pharmaceuticals in the US keep getting worse, there are too many stories of people foregoing food and rent just to pay for their medications. The problem with our healthcare model is it's too complicated and too expensive, and I wanted to find the solution."
Cherry Street's model is designed to create a "one-stop" pharmacy so patients no longer have to go to their primary care or urgent care doctor to receive a prescription. Wenbo explains, "In Q2 of 2021 we plan on launching our telehealth platform and clinic in our new pharmacy in Cutler, California. Here patients will be able to remotely see a doctor in our network, have their vitals taken, and prescriptions filled all in one convenient place."
Cherry Street is also uniquely able to provide 80% to 100% financial co-pay assistance for those who qualify. "In the US, it's illegal to discount or waive co-pays. But with the rising costs of medication, this means many people can't afford life-saving prescriptions. But we've figured out how to provide financial assistance, make medication affordable again, and stay profitable as a business at the same time."
Unlike any other pharmacy, Cherry Street Pharmacy has its own non-profit, Cherry Care, that funds its co-pay assistance program. This program, in conjunction with other Cherry Street Pharmacy savings programs, has saved patients over $100K in prescription costs in 2020 alone.
This program not only improves patient retention but also acts as a free marketing tool. Wenbo attributes this non-profit work to a large chunk of his financial success and low marketing costs. "Word-of-mouth marketing is huge for us. Once someone hears they can save hundreds in medication costs regularly, it's a no-brainer move for them to switch to us."
Cherry Street Pharmacy strategically partnered with investors to help scale new locations and build out their telehealth platform so more people can benefit from more accessible healthcare.
Founder Wenbo Liu states, "The Cherry Street Pharmacy business model has the opportunity to transform pharmacies in a way that expedites healthcare, improves medication retention, improves the quality of life, and gives you an entirely new level of care when you're sick. Investing in Cherry Street Pharmacy means you're helping us create a more affordable and equitable healthcare system through technological advances. Learn more about our pharmacy at cherryrx.com."
Investors interested in the Cherry Street Pharmacy Reg CF offering, please go to: https://invest.microventures.com/offerings/cherryrx
Contact:
Wenbo Liu, CEO and Founder
P: (559) 234-2112| F: (559) 899-3088 | Wenbo.Liu(at)CherryRx(dot)com
About Cherry Street Pharmacy
Founded in 2017, Cherry Street Pharmacy is a California Central Valley-based company based in Tulare, California that aims to deliver wide-ranging healthcare services to underserved areas. The company offers a robust selection of services like prescription delivery, personalized health programs, pet care, and health content that customers can access both online and from the company's brick-and-mortar location. The company has grown quickly without much spend on advertising and with no outside equity capital investment. Follow Cherry Street Pharmacy on Facebook (@cherryrx), LinkedIn (@cherrystreetpharmacy), and Instagram (@cherrystreetpharmacy).
Media Contact
Wenbo Liu, Cherry Street, (559) 234-2112, [email protected]
SOURCE Cherry Street
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