How A Precision-Obsessed Luxury Cannabis Edibles Brand Secured $11M In Funding: CEO Tells All

Even amid a capital crunch across the cannabis industry, some companies still manage to gauge the interest of investors. To do that, they tend to bring an original concept to the table.

One such company is Chicago-based luxury edible brand The Bettering Company, which managed to attract food entrepreneur Peter Rahal, co-founder and ex-CEO at RxBar, to support its seed round. 

How They Did It

When The Bettering Company co-founder and CEO Mark Cozzi pitched his idea for luxury cannabis edibles to Rahal, it only took a few minutes for him to understand the concept and reply: "How can I help?"

In just 16 months, this innovative marijuana edibles brand managed to secure $11 million in funding, despite challenging times for the industry.

Benzinga Cannabis wanted to learn more about this story, so we reached out to Cozzi, who devoted 35 years to a career in finance, focusing on growth companies and startups. 

“The Bettering Company isn’t just striving to make the cannabis industry better but to do business better - which is why we’re employee-owned and community-focused,” Cozzi told Benzinga, but let’s start from the beginning.

BZ: How did the idea for The Bettering Company come to be?

MC: “While having dinner in New York City with a close friend who is a board-certified oncologist and researcher, my friend suggested that our friend group should shift from alcohol to cannabis based on the relative health benefits of cannabis. This revelation struck me. Soon after, I tried a THC-infused chocolate crafted by a master chocolatier which was the best edible I have ever had. These two experiences catalyzed together and fueled my quest to create the finest THC-infused edibles possible.”

BZ: In times when there’s a capital crunch in the cannabis space, how did you manage to complete recent raises? In your opinion, what did the investors recognize in your business?

MC: “There were a number of factors that led to our success. First, many of the investors have known me for a long time and are familiar with The Bettering Company's story and strategy. Second, these investors know my track record of success and overall reputation for trustworthiness.” 

Precision As An Obsession

BZ: What makes your company different from others in the space?

MC: “The Bettering Company’s edible recipes are chef-crafted and use real fruits, herbs, teas, spices and jams that are always consistently infused. We’re obsessed with precision, diligently focusing on production techniques that result in consistent THC levels. Each gummy in our packs is individually wrapped and available in unique flavor profiles such as blackberry lemonade, blood orange, fennel fig, hibiscus chamomile thyme, raspberry mandarin and watermelon chili.”

BZ: Where are The Bettering Company’s edibles being currently sold?

MC: “The Bettering Company edibles are currently available in over 40 dispensaries across the state of Illinois. Moving forward, the next states that we’re targeting are New Jersey, New York and recently legalized Ohio.”

BZ: How does the current federal law on cannabis impact your business?

MC: “Current Federal laws severely limit access to capital for cannabis businesses particularly those that are newer, smaller and social equity backed. The lack of capital access makes the cost of securing equity or debt financing much, much more expensive than for non-cannabis businesses. The cannabis sector would receive a much-needed boost by passage of the SAFER Banking Act and rescheduling cannabis to Schedule III drug.”

BZ: What’s next for the company?

MC: “We have a few great partnerships in the pipeline that we’re excited to announce and are looking to launch our chocolate edible products. In addition, we’re also looking to launch our CBD-only products that will be available in both gummies and chocolates as well. All of these new products should be available to consumers in January 2024.”

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