High-end edibles brand The Bettering Company raises $6.7 million in preparation of fall launch
While boom times are far from back in the bud biz, green shoots are beginning to sprout up all around us.
After an 18-month hash hibernation, investors over the last few weeks are returning to the cannabis sector with aplomb. The combination of a Biden administration recommendation to reschedule cannabis from a Schedule 1 to a Schedule 3 substance along with a push to bring the SAFE Banking Act up for a vote this fall means that fast-growing companies constrained by federal illegality may soon be able to raise money from traditional channels and write off a majority of their expenses.
Beyond buoying the prospects of publicly traded companies, growth-capital is finding its way to the next generation of cannabis startups that possess the right combination of vision, management and proprietary capabilities.
Case in point is The Bettering Company, a Chicago-based luxury edible brand that announced this week that it recently raised an additional $6.7 million in expansion capital. Proceeds from the new investment round, which closed prior to recent political progress, will be used to complete construction of its Rockford, Illinois facility, purchase a commercial kitchen and fund general operations. In total, the company has raised $11 million from individual investors, which include RXBar co-founder Peter Rahal.
The Bettering Company will ship its first batch of vegan and gluten-free gummies to approximately 30 Illinois dispensaries this October with chocolates coming later this year and mints in early 2024. The company also plans to own and operate manufacturing facilities in New Jersey and New York in the coming years
“The market is craving new products,” said The Bettering Company CEO and co-founder Mark Cozzi. “Our target customer is somebody willing to pay for a little higher quality and really cares about what goes into his or her body.”