Introduction to Edibles.com
The parent company of Edible Arrangements is moving into a different kind of edible. Edible Brands is launching Edibles.com, an e-commerce marketplace for hemp products, like Cann drinks and Wana gummies. The 2018 Farm Bill legalized hemp, which is legally defined as a plant that contains 0.3% or less tetrahydrocannabinol, or THC, the primary intoxicant in cannabis.
Background and Market Demand
The federal law paved the way for companies to sell products with THC derived from hemp rather than marijuana across most states, even if those areas haven’t legalized marijuana. A handful of states, like Connecticut, have placed restrictions on how much THC a hemp product can contain. But in much of the country, hemp legalization has led to a veritable Wild West. "There’s a lot of demand for hemp products out there right now, but what people are looking for is that safe and trusted place to buy it," Edible Brands CEO Somia Farid Silber told CNBC.
Launch and Expansion Plans
The website launches on Friday, starting with Texas. The company is planning to roll out the platform nationwide quickly, with Florida, Georgia and other Southeastern markets following soon after Texas. Edibles.com also has a lease for a brick-and-mortar location in Inman Park in Atlanta and plans to add physical locations in other states, as well. "This is a defining moment for the hemp industry," Cann CEO and co-founder Jake Bullock said in a statement. "A trusted, high-quality marketplace like Edibles.com has the power to reshape the future of THC products and drive the long-term industry growth we’ve all been working toward."
Growing a New Business
The idea to sell edibles has been percolating "for a while," according to Silber. A year ago, the company acquired the edibles.com domain name after settling a years-long lawsuit against World Media Group for "cybersquatting," or registering a well-known domain name in the hopes of reselling it for a profit. By July, Edible Brands hired cannabis executive Thomas Winstanley as executive vice president of Edibles.com. And in October, Silber took the reins as CEO after eight years at the company.
Product Offerings and Compliance
For one, the dosage of Edibles.com’s offerings hover around five milligrams per serving, according to Winstanley. The dose is considered on the low end; Colorado, for example, caps edible cannabis products at 10 milligrams of THC per serving. Plus, when selecting its suppliers, the company stuck with companies that are well known in the hemp and cannabis industries in order to increase trust in the platform. Brands sold on Edibles.com include Cantrip, 1906, Cann and Wana. Those suppliers went through a tough compliance audit and questioning to make sure their production and sourcing were above board, Winstanley said.
Delivery and Expansion
Edibles.com will fulfill its online orders using its existing franchise system. The Edible Arrangements franchisees who participate will allow the nascent business to offer same-day or next-day delivery, just like it does with its fruit baskets or chocolate-dipped strawberries. "With our franchise network that we have today, we can cover 70% of households in the U.S. within an hour," Silber said. Edibles.com has done "extensive" compliance and background checks to make sure that the operators involved understand the requirements of delivering its edibles, according to Winstanley.
Conclusion
The launch of Edibles.com marks a significant milestone in the hemp industry, providing a trusted and safe platform for consumers to purchase hemp products. With its existing franchise network and plans for expansion, Edibles.com is well-positioned to capitalize on the growing demand for hemp products. As the company looks to the future, it may consider making its own edibles and expanding its product offerings.
FAQs
Q: What is Edibles.com?
A: Edibles.com is an e-commerce marketplace for hemp products, launched by Edible Brands, the parent company of Edible Arrangements.
Q: What types of products will Edibles.com offer?
A: Edibles.com will offer a variety of hemp products, including Cann drinks and Wana gummies, with dosages ranging from 5mg per serving.
Q: Is Edibles.com available nationwide?
A: Initially, Edibles.com will launch in Texas, with plans to roll out nationwide quickly, starting with Florida, Georgia, and other Southeastern markets.
Q: How will Edibles.com ensure compliance with regulations?
A: Edibles.com has done "extensive" compliance and background checks to ensure that its suppliers and operators understand the requirements of delivering its edibles.
Q: Can I purchase Edibles.com products in physical stores?
A: Yes, Edibles.com has a lease for a brick-and-mortar location in Inman Park in Atlanta and plans to add physical locations in other states.
