The Bettering Company, a Chicago, IL-based luxury cannabis edibles brand, recently raised $6.7M in funding. In conjunction with the announcement, CEO Mark Cozzi replied to our questions about the company, the products offered, the funding, achievements, and future plans.
FinSMEs: Hi Mark, can you tell us a bit more about yourself? What’s your background?
Mark: I am the CEO and Co-Founder of The Bettering Company. Previously, I had a 35-year career in the finance sector, primarily focused on growth companies and startups. After spending 14 years on Wall Street in investment banking at Salomon Smith Barney / Citigroup Global Markets, I joined a client, Thomas Kaplan, as the first employee and co-founder of Leor Energy. I helped build Leor Energy into one of the fastest growing privately held energy companies, eventually being sold for $2.55 billion cash, turning Mr. Kaplan’s $22 million founder’s investment into a $2.2 billion monetization. I am actively engaged in a variety of philanthropic and civic endeavors, including The Field Museum Board of Trustees and Action Committee, Northwestern Medicine Board of Trustees and Quality Committee, and Art Institute of Chicago Society of Contemporary Art. I hold a B.B.A. in Accounting and Finance with Honors from the University of Wisconsin and an M.B.A. from the Kellogg School of Management at Northwestern University.
FinSMEs: Let’s speak about The Bettering Company. What is the market problem you want to solve? What is the real opportunity?
Mark: The Bettering Company (TBCo.) is a new luxury cannabis edibles brand offering chef-curated edibles that use real fruits, herbs, teas, spices, and jams and are consistently infused. Obsessed with precision, the company diligently focuses on production techniques that will result in consistent THC levels. TBCo.’s products are being made in a 10,000-square-foot facility designed state-of-the-art kitchen – among the largest and newest facilities dedicated solely to edibles production in the United States.
The Bettering Company seeks to solve a historical problem in the cannabis sector of inconsistently infused edibles, leaving consumers with hesitancy to consume cannabis in edible form. The company works extensively with employees and consultants having years of CPG manufacturing and cannabis production experience to develop production techniques that will avoid issues facing many cannabis producers. Additionally, The Bettering Company is working with a testing lab that provides as accurate as possible testing data for THC levels and other food characteristics.
FinSMEs: What are the features differentiating the product from competitors?
Mark: The Bettering Company’s vegan and gluten-free recipes with unique flavor profiles set the brand apart from other options, with fresh marketing and environmentally responsible packaging that is as minimal as the number of ingredients used. The Bettering Company’s gummies are developed from chef-crafted recipes designed for consumers who appreciate the care and craft put into what they are buying. Backed by the company’s mission to improve sustainability, The Bettering Company pouches are made with 35% post-recycled material and each gummy is individually wrapped for functionality.
FinSMEs: You just raised a new funding round. Please tell us more about it.
Mark: The Bettering Company just announced $6.7 million in funding, bringing the company’s total funding to over $11 million to date. Our initial seed round in 2022 included participation from seasoned early-stage consumer packaged goods investors, including Peter Rahal. The $11 million in total funding over the past 16 months includes experienced venture capital, cannabis sector and consumer packaged goods investors. The funds will be used (a) to complete the construction of The Bettering Company’s new Rockford, Illinois facility with its state-of-the-art commercial kitchen and (b) to continue to build the company’s management team focused on recruiting top-tier candidates in sales, marketing and food production.
FinSMEs: Can you share some numbers and achievements of the business?
Mark: Despite difficult market conditions for cannabis companies across the nation, The Bettering Company has been able to complete its capital raise – particularly noteworthy for a pre-revenue cannabis company to attract an investment of this size. The $11 million in total funding over the past 16 months includes experienced venture capital, the cannabis sector and consumer packaged goods investors. The Bettering Company has orders from over 30 dispensaries before we have begun shipping products–ahead of our projections–for which we are grateful.
FinSMEs: What are your medium-term plans?
Mark: The medium-term plans for The Bettering Company include launching our line of chocolates in Q4 2023 and mints in Q1 2024. We also will introduce CBD/CBN-only gummies and chocolates later this year and early next year.
FinSMEs
21/09/2023