The Bettering Company, a Chicago-based luxury cannabis edibles brand, has announced the successful completion of a $6.7 million funding round, propelling its total funding to $11 million. Founded by Mark Cozzi and Drake Nickell, the company is set to launch its THC-infused gummies in the fall of 2023, with initial plans to hit dispensaries across Illinois.
The funding, which encompasses investments from experienced venture capitalists, cannabis industry specialists, and consumer packaged goods investors, will be allocated toward two primary objectives. Firstly, the completion of The Bettering Company’s state-of-the-art commercial kitchen facility in Rockford, Illinois, is a priority. Secondly, the company intends to bolster its management team by recruiting top-tier talent in sales, marketing, and food production.
The cannabis market
In 2022, Americans spent an estimated $30 billion on legal marijuana products, and the market is projected to reach approximately $33 billion this year. But despite the growing market and a decade of legalization, Mark Cozzi, CEO and co-founder of The Bettering Company, stated, “The cannabis market lacks a truly luxury option catered to consumers that want more than just a cannabis delivery vehicle–but a great experience.”
The Bettering Company’s fruit, herb, and spice-infused gummies are crafted with chef-curated recipes to ensure they are entirely vegan and gluten-free. Inconsistently infused edibles have been a longstanding consumer concern in the cannabis sector. The company has mitigated this by working closely with seasoned cannabis production experts and utilizing a testing lab to provide consistent and accurate THC levels.
Co-founder of RXBAR and investor in The Bettering Company, Peter Rahal, commented, “The Bettering Company team is creating edibles 2.0 by taking familiar products and improving on key aspects such as flavor, consistency, and packaging.” He followed that the company “is fixing the problems people associate with edibles, leading to a far better consumer experience.”
In addition to his involvement with The Bettering Company, Rahal has previously invested in Crisp Fantasy, a startup specializing in vegan breakfast products.
“Our mission has been and will be to make every step better in the process.”
Beyond taste, the brand places a strong emphasis on sustainability, with pouches constructed from 35% post-recycled material and each gummy individually wrapped for added convenience.
Cozzi concludes, “There are no cannabis brands truly aligned with the health-conscious, flavor-loving consumer, so we set out to build a company to accomplish that. Our mission has been and will be to make every step better in the process. We cannot wait for the world to experience the difference.”