MJBullsPodcast 0005 Coda Signature Transcript
MJBulls Coda Signature 9/21/18
Mark Grindeland: [00:00:01] With music as our muse and Cannabis as our medium Coda signature creates cannabis infused products full of inspiration and imagination. Each product tells a story through exciting colors bold flavors and luxurious aromas that harmonize seamlessly and with impeccable craftsmanship and quality ingredients. Cota signature elevates the experience of cannabis the same way music elevates life from abominate media.
Dan Humiston: [00:00:31] It's the MJ bulls podcast a show about raising cannabis capital.
Dan Humiston: [00:00:42] I'm Dan Humiston and on today's show how Mark Grindeland's passionate team at Coda signature. The number one infused chocolate brand in Colorado and how investors are enjoying their expansion into California
Dan Humiston: [00:01:01] We're here in the Coda Signature's offices in Denver Colorado with Mark Gwendeland
Dan Humiston: [00:01:06] Thanks for having us.
Mark Grindeland: [00:01:07] Thank you.
Dan Humiston: [00:01:08] Today we're going to talk about codas signature and your expanding product line expansion into California. But before we dive into all that let's talk a little bit about you. You've had an amazing career. Can you give us the short version and why you got into this.
Mark Grindeland: [00:01:24] I had never imagined that I would be in this industry in terms of background. It's been a fairly eclectic background. This is my first startup but I've also worked in very large public companies in either a CEO position CMO mostly c suite. I spent many years as a management consultant and so I've worked in multiple industries. It's been pretty eclectic. But again you know I never thought I would be running. Well it was really serendipitous I met my co-founder and business partner in the summer of 2014. Elizabeth was one of the early pioneers in this industry. She was one of the early dispensary owners in the medical market. Recreational wasn't there yet essentially over that time when she had the dispensary which she realized was she could do better on the real estate side of it. So she sold her licenses and got out of sort of the day to day grind of running a dispensary. When we met in the summer of 2014 recreational was just starting to roll out in Colorado and Elizabeth was really wanting to get back into the market because she felt like it was ready to just explode in terms of size but she recognized that she was not ceo material and she was looking for a business partner who had the kind of background I have. When I started to do my due diligence and really research the industry what I realized at the time was this would be kind of a once in a lifetime opportunity. And so essentially after about nine months of due diligence and sort of I decided I had one more startup in me. We started the company in January of 2015
Dan Humiston: [00:03:19] For our listeners outside of state of Colorado. Coda signature is such a recognizable brand here. Can you tell us you know how Coda got to where you are and what makes it so unique.
Mark Grindeland: [00:03:32] You know when we were building our business plan I felt like there was this big gap in the market for a premium based product with a high quality brand in Colorado. So essentially our plan at the time was start with infused edibles because we felt like the edibles market was big enough and it was growing fast enough that we could really create a brand positioning there. So on the edibles side we were introduced to a young lady in New York by the name of Warren cockily. Lauren was a classically trained Chocolatier. She was trained at the Val and chocolate school in southern France. When she graduated she moved back to New York City and she worked in some of the best restaurants in the world. She was recognized in 2013 by desert magazine as one of the top 10 chocolatiers in North America. Lauren has really been the key driver in terms of coming up with unique flavors. We shipped our first products out the door on March 30 first of 2016. At the time we had four skus we had to single serve hot chocolate into truffle collections. I think we were less than 10 dispensaries when we shipped our product on March 30 first about three weeks later we won first place in the High Times Cannabis Cup or the best edible in Colorado. This year currently we're at about 540 dispensaries wherein 62 percent of the market according to media analytics within the chocolate category in Q3 of this year we became the number one company in Colorado by market share. Today we'll end the year with about 30 Skewes this year. Again will experience triple digit growth from the previous year. Our goal is to be a top brand on a national basis for infused products.
Dan Humiston: [00:05:32] when i was checking on the website today. It asked me whether I lived in Colorado or California. No I didn't realize that you guys are already full speed ahead in California.
Mark Grindeland: [00:05:43] We'll we'll be shipping products in Q1.
Mark Grindeland: [00:05:50] In a very short period of time you know we've really scaled it. We're very very excited about what's going on. And currently we're building our facility in Oakland California we expect an early Q1 launch and after California we're looking at multiple geographies to expand next we're very interested in the Nevada market. We've been in conversations with a number of the Canadian companies about entering the Canadian market. I'm very interested in Florida. You know I'm very interested in the northeast that's a ton of growth.
Dan Humiston: [00:06:31] I'm assuming that you're raising capital. So can you explain to our listeners what you're raising and how investors could take part.
Mark Grindeland: [00:06:41] We're right in the middle of our Series A round. I expect a closing actually next week or the week after. It'll be a rolling close so our first traunch of the close will happen the end of this month. We're working with three investment firms and that was also intentional. I wanted to syndicate around we're raising a pretty significant round of capital that will support our geographic expansion three firms that we're working with elite firm is granite Hall partners out of Chicago. We're also partnering with veridian Capital out of New York City and Mazakali out of San Francisco. So we really wanted to have a top tier firms representing us because I really look at this through the lens of a long game not just a single transaction.
Dan Humiston: [00:07:33] If anybody is interested in investing.
Mark Grindeland: [00:07:37] You know what I would ask them to do is just reach out to me personally and they can reach out to me at my email address. Mark with a Kay coda signature dot com.
Dan Humiston: [00:07:53] Well there's a lot of information and you obviously have a lot going on right now with all this expansion and the opportunities there. It's really going to be exciting. This has been a treat doing our first show on location at the Coda signature facility. If people want to learn more about Coda signatures or where they can get their products it's on their website Coda signature dot com or you can go to the MJ bulls website we have all the information there. Mark thanks for having me.
Mark Grindeland: [00:08:24] Thank you very much. It was a pleasure.
Dan Humiston: [00:08:26] Good luck. Good luck. Thank you.
Dan Humiston: [00:08:34] Thanks for listening to the MJBulls podcast, to learn more about today's guest or to apply to be a guest. Visit our Web site at Mjbulls.com and if you like our show give us a review on iTunes. Today's show was produced by Buminit media. I'm Dan Humiston and you've been listening to MJBulls podcasts.
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