5 years ago I left my job to start selling weed with some guys I grew up with. Our first year we sold $1.2M to dispensaries a pound at a time.
Now we're publicly traded and we'll do $130M in 2022.
Millions of jars, joints, edibles, vapes.
Here's what we did:
Now we're publicly traded and we'll do $130M in 2022.
Millions of jars, joints, edibles, vapes.
Here's what we did:
I first posted my backstory in April. Since then Iโve met thousands of new people on here, we've gone public, made the largest dispensary acquisition in California history, and a whole lot more... so itโs time for an update.
2016 pre-recreational in Oregon-
Like everywhere on the west coast, weed has been decriminalized for years, and we have 20+ year old medical programs.
Some guys I grew up with rented a 800 sq ft garage and were flipping packs to dispensaries.
It was truly the wild west.
Like everywhere on the west coast, weed has been decriminalized for years, and we have 20+ year old medical programs.
Some guys I grew up with rented a 800 sq ft garage and were flipping packs to dispensaries.
It was truly the wild west.
I left my job and partnered with them to build a business out of the hustle.
We knew if we had network of stores, we could sell in anything, so we used bulk flower to build that channel.
We knew if we had network of stores, we could sell in anything, so we used bulk flower to build that channel.
Til this point, I had spent most of my career building clientโs brands. I was tired of it. It was time to get busy.
We started with prerolls because half the joints you buy are un-useable.
We did rigorous R&D and launched the perfect preroll: STICKS.
Our first consumer brand!
We started with prerolls because half the joints you buy are un-useable.
We did rigorous R&D and launched the perfect preroll: STICKS.
Our first consumer brand!
By 2017 we had a fleet and needed a bigger boat.
We scaled up manufacturing, and "the flood" crushed the market.
Every October (โCroptoberโ), every outdoor farm pulls down fields of weed at the same time.
The business was 80% flower at this point, and prices halved overnight.
We scaled up manufacturing, and "the flood" crushed the market.
Every October (โCroptoberโ), every outdoor farm pulls down fields of weed at the same time.
The business was 80% flower at this point, and prices halved overnight.
We lost $500k in Q4 of 2017.
We laid off people, we couldn't pay our bills.
It was the hardest 6 mos of my life.
I drove to work everyday visualizing spring time and telling myself I was built for this shit.
Iโm built for this shit. The obstacle is the way.
๐ฃ
We laid off people, we couldn't pay our bills.
It was the hardest 6 mos of my life.
I drove to work everyday visualizing spring time and telling myself I was built for this shit.
Iโm built for this shit. The obstacle is the way.
๐ฃ
More brands, more lines, more life.
We launched Cabana, a premium preroll, and Beaucoup, a candy line.
We shifted from branding around categories (preroll, edible) to branding around shelves.
STICKS = Value
Cabana = Premium
Beaucoup - still just candy lol
Weโre doing CPG now.
We launched Cabana, a premium preroll, and Beaucoup, a candy line.
We shifted from branding around categories (preroll, edible) to branding around shelves.
STICKS = Value
Cabana = Premium
Beaucoup - still just candy lol
Weโre doing CPG now.
The $ needed to scale a low margin business like this is mind boggling.
We had another rough winter under our belt, and knew that it wasnโt gonna work to keep bootstrapping.
We connected w/ the co-founder of Kush Supply (now GreenLane) and formed our holding company, Unrivaled.
We had another rough winter under our belt, and knew that it wasnโt gonna work to keep bootstrapping.
We connected w/ the co-founder of Kush Supply (now GreenLane) and formed our holding company, Unrivaled.
Enter Korova.
Some brands are made, some are born.
We made STICKS, Cabana and Beaucoup.
Korova was born out of culture. It's fucking awesome.
It's a top brand in California today, and our 800lb gorilla.
Some brands are made, some are born.
We made STICKS, Cabana and Beaucoup.
Korova was born out of culture. It's fucking awesome.
It's a top brand in California today, and our 800lb gorilla.
The first round of M&A brought together:
Cash
LTRMN - Oregon operation + brands
Korova - California operation + brand
10 Spot - 2 retail licenses in Santa Ana
The 19 month regulatory approval process on the transactions was clunky and painful.
Cash
LTRMN - Oregon operation + brands
Korova - California operation + brand
10 Spot - 2 retail licenses in Santa Ana
The 19 month regulatory approval process on the transactions was clunky and painful.
Integrating while trying to scale multiple facilities was hard af.
The T shirts from our Feb 2020 summit read "I No Longer Fear Hell."
My biggest contribution leading that integration may have been this Change Curve graphic and instituting "LFG" as our battle cry.
The T shirts from our Feb 2020 summit read "I No Longer Fear Hell."
My biggest contribution leading that integration may have been this Change Curve graphic and instituting "LFG" as our battle cry.
Sidebar: Investors on Reddit have since taken note of said battle cry, and also my last name. ๐
With that rollup complete, we had:
Korova, STICKS and Cabana in stores up and down the west coast.
Hubs in Portland, Norcal, and SoCal.
Booming retail in Socal.
Licensees in Oklahoma and Arizona.
$40M in 2020 revenue.
Korova, STICKS and Cabana in stores up and down the west coast.
Hubs in Portland, Norcal, and SoCal.
Booming retail in Socal.
Licensees in Oklahoma and Arizona.
$40M in 2020 revenue.
In March of 2021, we announced we were going public via 50/50 merger with pubco Terra Tech.
The merger brought cultivation, more retail, a war chest, and a public vehicle.
When it closed in July, we rebranded the new combined company:
Unrivaled Brands Inc
OTCQX: $UNRV
The merger brought cultivation, more retail, a war chest, and a public vehicle.
When it closed in July, we rebranded the new combined company:
Unrivaled Brands Inc
OTCQX: $UNRV
In 90 days we got lights on in the Oakland grow: A state of the art 360 light facility in the heart of Oakland to power Korova's flower lines.
This month we pulled down the first harvest:
Julius Caesar (Master Kush x SFV OG)
This month we pulled down the first harvest:
Julius Caesar (Master Kush x SFV OG)
After closing the merger it was immediately time for a third round of M&Aโฆ
We acquired Silverstreak in Sacramento, a staple of Norcal delivery. We rebranded our San Leandro store to Silverstreak and expanded service areas.
We acquired Silverstreak in Sacramento, a staple of Norcal delivery. We rebranded our San Leandro store to Silverstreak and expanded service areas.
Next we acquired Peopleโs.
People's OC is a SoCal staple and sees ~1,000 customers per day. With 4 more locations in queue, we expect People's to do $60M in 2022 across all locations.
Last weekend was the grand opening of DTLA.
People's OC is a SoCal staple and sees ~1,000 customers per day. With 4 more locations in queue, we expect People's to do $60M in 2022 across all locations.
Last weekend was the grand opening of DTLA.
We're one of the few publicly traded cannabis companies with a presence in California, and we're focused on the west coast.
The cannabis brands of the future will be born out of the culture here.
We're traded on OTCQX under the ticker $UNRV.
Also: West coast best coast!
The cannabis brands of the future will be born out of the culture here.
We're traded on OTCQX under the ticker $UNRV.
Also: West coast best coast!
You canโt talk cannabis without talking about the 40k largely black Americans serving time.
Weโre working on a couple initiatives related to this, but The Weldon Project is a non profit you can donate to right now that works on exactly this:
theweldonproject.org
Weโre working on a couple initiatives related to this, but The Weldon Project is a non profit you can donate to right now that works on exactly this:
theweldonproject.org
If you're new here, I'm Colin. I'm an entrepreneur and CTO at Unrivaled Brands.
I build cannabis brands and businesses all day and write tactical threads breaking down how to do it.
Follow me: @landforce
Join my email list to get it in your inbox: builders.build
I build cannabis brands and businesses all day and write tactical threads breaking down how to do it.
Follow me: @landforce
Join my email list to get it in your inbox: builders.build
Hereโs a recent thread on how to execute a product you might like:
TLDR;
Builders build ๐
Builders build ๐
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