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Hemp shoemaker Deep E Co. has given the boot to small investors who wanted to finance the little company, choosing instead to find backers with deeper pockets.
The Portland company last month canceled its direct public offering, a means by which it had intended to sell stock to consumers. Response to the DPO was lukewarm, management said.
Meanwhile, endorsements by actor Woody Harrelson, including a plug on "The Tonight Show," caused sales to take off in the first quarter. So Deep E scrubbed the DPO in favor of a potentially more lucrative private placement.
"We needed to get our hands on capital at a faster rate than a DPO would have allowed us," said Deep …