4/20 isn’t just a smoker’s holiday anymore.
These days, marking the annual celebration of cannabis culture on April 20 is as much about eating, sipping, snacking and savoring as it is smoking. Fueled by an emerging class of new brands eager to put their unique spin on the space, cannabis-infused edibles surpassed $1 billion in sales last year, while recent legislation in Minnesota has helped kick open the door for low-dose THC-infused beverages to enjoy mainstream distribution. Yet even as enthusiasm and revenues pick up speed, the next truly evolutionary step for the industry – federal legalization of cannabis – seems as distant as ever.
It’s against that backdrop this week that we’re checking in with brands, entrepreneurs and thought leaders from across the cannabis CPG landscape for conversations about the ups and downs of the modern market, from manufacturing and brand building to distribution and retail strategy.
We’re kicking off the series with an extended conversation with Jake Bullock, co-founder of one of cannabis CPG’s best-known names, Cann. The low-dose THC & CBD-infused social tonic has been playing the long game, building an audience (and a high-profile cap table) while pursuing growth opportunities on a state-by-state basis. Yet even as its popularity climbs, Cann is still navigating new territory from an unfinished map.
“The next steps for us as a company is how do we make this into a sustainable business?” he said. “We don’t know when federal legalization will happen. All signs point toward it taking a lot more time than people thought.”
In this interview, Bullock discussed Cann’s recent launch in New York, the impact of Minnesota’s bold legislative action on the broader cannabis beverage space, why Cann is backing stronger regulations around infused products and how beverages fit into the modern weed retail experience. He also broke down how the company is “hyper-focused on getting to cash-flow positive” through various streams, including a new media partnership and the introduction of new high-dose product innovations.