Marijuana Business Magazine - February 2018

¬NFUSED BUS¬NESS STRATEG¬ES F ailure is an integral part of Tim Moxey’s standard operating procedures. The co-founder of BotanicaSeattle has relied on trial and error since he and Chris Abbot put out their first cannabis-infused product in 2014. Former classmates in Dartmouth College’s MBA program, Moxey and Abbot were acutely aware they knew nothing about the marijuana busi- ness when they decided to make a go of it. But that didn’t stop the duo from plowing ahead with Botanica- Seattle, one of Washington state’s leading producers of edibles. The Seattle company makes infused chocolates, mints, cookies and fruit-flavored jelly and tart can- dies – products that were perfected through a deliberate process. “When we do something, we see if it works. And if we see it doesn’t, we let it Trial and Error Washington state edibles maker BotanicaSeattle learns from its mistakes and develops products to meet differing consumer tastes By Margaret Jackson go,” said Moxey, who is the company’s CEO. “You’ve got to be comfortable with failure. We’re constantly refining it and changing it and rethinking through how we can get ahead.” The company has succeeded by developing products that taste good and targeting a range of consum- ers, from newbies to sophisticated users. In 2016, BotanicaSeattle sold $3.7 million worth of edibles in Washington state alone. In 2017, the company rang up total sales of $5 million, including those for BotanicaSeattle and its Oregon unit, BotanicaPortland. BotanicaSeattle’s infused brands include Spot, Proper Chocolates, Bond, Mr. Moxey’s Mints and Jour- neyman. It sells only products for recreational use that are designed to provide relaxation, help with sleep or relieve anxiety. EXECUTIVE SUMMARY BotanicaSeattle is one of Washington state’s leading producer of edibles. The company makes infused chocolates, mints, cookies and fruit-flavored jelly and tart candies. Below are keys to the company’s success: • BotanicaSeattle develops its products through trial and error, discarding those it doesn’t like. • The company’s products target a range of consumers, from newbies to sophisticated users. • The company hires top chefs to create products that taste good before infusing them with cannabis. • BotanicaSeattle uses cannabis from farms that are Clean Green Certified, a top certification for organically grown cannabis that is cultivated using sustainable, natural practices. • The company draws on its culinary staff’s connections to procure restaurant-grade ingredients. In addition to Washington state and Oregon, the company has plans to expand into Colorado this year. Cali- fornia’s huge new marijuana market is next on the to-do list, and the company plans to launch sales in Canada in 2019. Food First, Cannabis Second The recipe for BotanicaSeattle’s success starts with taste. “For us, quality of the product is paramount,” Moxey said. “Edibles are the most precise and consistent way 88 • Marijuana Business Magazine • February 2018