I know a lot of people that dream of someday starting their very own marijuana edibles company. I know a lot of bakers and chefs that can make some very high caliber edibles, from sweet treats to enjoy on the fly, to savory dishes that will send you to bed early. Almost all of them want to start a marijuana edible company in some fashion. I always tell them the same thing. Do your research, especially on the business operations side of things before you dive into it. It’s one thing to make the world’s best batch of edibles, it’s another thing to make sure that you are selling them for a fair profit.
I remember having a conversation with one of my friends about some brownies he made. They were absolutely fantastic, and some of the strongest ones I’ve ever tasted. He asked me how much he should sell them for. I had no idea. I still don’t know for sure. I know what brownies sell for at dispensaries and recreational stores, but what is the wholesale price? I kind of talked my friend out of opening a business because I rattled off a lot of questions he’d have to find answers to if he was to succeed in the marijuana industry.
What channels are you going to sell your product through? Are you going to try to sell them ahead of time to a dispensary or store? Most dispensaries do it on consignment, if you have to pursue that route, how much product do you stock them with? How do they let you know that they need more, and how will you fill the order? How will you market your product? Will you have different doses? Varying products? Does your stuff need to be refrigerated? All food is perishable, so how long do your edibles last until they are not considered to be safe for consumption anymore? Where will you get your products tested? What are the laws governing what you want to do? How will you do your bookkeeping? Do you have a Pinterest, Facebook, Twitter, Instagram, URL, and who knows what else you need to build an online footprint?
There’s so much that goes into a successful edibles company that it makes my head spin. I always tell people the same thing – find people that are succeeding at what you want to do now and try to learn from them as much as you can. The most efficient way to do that is at a reputable event, where there are booths and credible speakers with proven track records in the industry. An edible company that I have always heard good things about is Julie’s Natural Edibles. Julie’s Natural Edibles is based out of Denver, Colorado, and was founded by Julie Dooley. Julie has a strong track record of success in the cannabis industry. Below is a brief bio of her, via the National Cannabis Industry Association:
Julie Dooley, president of Julie’s Natural Edibles and a Celiac patient, wanted to create a premium product that gluten-sensitive adults could freely enjoy. For over 5 years now, with an amazing team and plenty of research, we specialize in cannabutter extraction which is then baked into a product line that consists of strain specific, gluten free, and refined sugar free edibles. Julie’s Natural Edibles is committed to the highest level of ingredients and manufacturing standards in order to provide the consumer with the healthiest, most effective edible in the Colorado market.
Just about anyone can make cookies. It’s another thing to run a very successful, gluten-sensitive, refined-sugar free edibles company, in a competitive market like Denver no less. Julie is also a very strong marijuana activist, and is a member of many reform organizations, which is something that I value very much when it comes to people in the cannabis industry. If I were trying to start a medible company, I would try to hear Julie speak any chance I got and would try to absorb as much knowledge from her as possible. You can get that chance at the 2015 Cannabis Business Summit hosted by the National Cannabis Industry Association. Julie Dooley will be participating in a panel discussion about managing the operations of an edibles kitchen, along with Julianna Carella of Auntie Dolores, and John Decker of Mountain Medicine. You can find out more about the event by clicking on the banner below:
‘Like’ Julie Dooley’s company, Julie’s Natural Edibles, on Facebook.