MJBizMag October 2020 - 98
Execute a Branding Deal
Joe
Brenzy
Denver-based Veritas Fine Cannabis is able to leverage Cookies' brand name to cross-promote its
own company. Photo by Bart Schaneman
grow sites to determine if companies'
existing cultivation practices fit their
ethos, paying attention to details such as
irrigation systems and lighting.
Once the product starts to hit store
shelves, the Cookies team monitors what
consumers say on social media and how
they're voting with their dollars, Cole
added. Cookies fans have been known
to line up around the block when the
company announces product drops.
ONGOING PARTNERSHIP
Before the COVID-19 pandemic, the
quality-control arm of Cookies' sales
team would travel to check on its
partners' operations. Now, Zoom fills
that function, and Berner will often
participate in the video calls and ask to
see the flower up close.
" It's a pretty entrenched process on
both sides, and everyone is talking to
each other, " Cole said.
Spadafora agreed, adding that
the Veritas grow team and Cookies
cultivators were " geeking out over
humidity, " for instance.
Spadafora said Veritas has allocated
about 15% of its production to growing
for Cookies, with the intention of
ramping up to about 40%.
The deal the companies entered
stipulates that Veritas will grow for
Cookies for a set amount of time (the
companies declined to disclose exactly
how long) and then the partnership will
be reevaluated.
MORE TO COME
Spadafora said that although Veritas
had already established itself as a
premium flower brand-one reason
he believes Cookies wanted to work
with his company-the cross-branding
opportunities also bring a lot of value.
The Cookies name is featured the
most prominently on the brand's
Colorado-grown products, but it also
notes that the cannabis inside was
grown by Veritas. That's important
in a more mature market, where
the consumer wants to know where
cannabis originates, Spadafora said.
" Cookies has done a great job giving
Veritas credit, " he said.
In the end, Spadafora said the
relationship between the two businesses
seems to be a good fit that goes beyond
making money.
" This isn't just putting your name on
something and collecting a check, " he
added.
98 Marijuana Business Magazine | October 2020
A Promising
Business Model
It's unusual for a marijuana flower
brand to expand across the
country. But Joe Brezny, a Las
Vegas-based cannabis consultant,
sees the upside for growers willing
to take on another company's
brand rather than trying to start
one from scratch.
" Building a competitive brand in a
competitive environment ... that's
really hard and takes a long time, "
Brezny said, adding that he could
see why a grower in Nevada, for
example, would want to partner
with a company like Cookies.
" There's a chance for a win-win in
states like Nevada, " Brezny said.
As the flower market becomes
more saturated, he expects to see
more deals like those Cookies has
with regional cultivators.
" That could be a lifesaver for some
of the cultivation and production
licensees, " he said. " Because
suddenly, you'll go from someone
who has to sell their flower at a
discount because the market is
flooded to someone that has the
exclusive rights to carry flower
that is flying off the shelf. "
- Bart Schaneman
MJBizMag October 2020
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