Brand Reach Now Covers Over Half of U.S. Legal Marijuana Market
DENVER, July 30, 2019 /PRNewswire/ — With the stroke of a pen, multi-state marijuana brand Binske has become the world’s largest legal marijuana brand as measured by population and territory reached.
Binske products will now be available to 52.4 million people (age 21-61) in 11 different states, reaching 52 percent of the U.S. population with access to legalized marijuana. A total of 100.3 million people (age 21-61) in 34 states have access to either medicinal or recreational marijuana.
Binske’s expanded reach results from a licensing agreement with multi-state operator (MSO) MariMed, which adds seven states — Illinois, Ohio, Massachusetts, Rhode Island, Maryland, Delaware and Maine — to Binske’s presence in Colorado, Nevada, Florida and California.
“Many consumers from the Midwest and East Coast already enjoy our products and are familiar with Binske from their travels out West. Soon, that very same experience will be available in retail outlets closer to home,” said Jake Pasternack, founder, chairman and CEO of Praetorian Global, LLC, Binske’s parent company.
Ryan Crandall, MariMed’s Chief Product Officer and SVP Sales stated, “Binske is a leader in utilizing top tier ingredients to create products that set industry standards. MariMed is highly particular about the brands and products we align with, so we are very pleased about this licensing deal and eager to help expand their reach through our channels.”
The state-by-state production and distribution laws that govern the legal marijuana market have historically plagued many marijuana brands’ growth plans.
“The current market fragmentation in cannabis is primarily driven by the overall lack of product efficacy across state lines and the fact that some brands dominate market share in one state yet aren’t even sold in others. Mixed messaging like this leads to consumer ambivalence and promotes inconsistent purchasing habits,” said Pasternack.
“The fact that Binske products will soon be available in retail outlets from Malibu to Martha’s Vineyard enables us to reach an unprecedented number of potential consumers. That access, coupled with consumers’ awareness that they will get the same Binske product no matter where they buy it, is critical to building consumer patronage and, most importantly, trust,” he continued.
“Our company is delighted to enter into a license agreement to manufacture and distribute Binske’s products in multiple legal cannabis states across the country,” stated Bob Fireman CEO of MariMed. “We quickly realized the exceptional quality of their brand and products. More importantly, their management team shared our vision of how to build winning brands in the cannabis industry.”
The Binske-MariMed licensing deal will extend the full range of Binske products, including concentrates, edibles and topicals, to the additional seven states.
Because of rapid strategic growth throughout 2019, Praetorian Global now has 13 active licensing deals in the cannabis and hemp CBD markets. By Q3 of 2020, the Binske brand will be available in over 700 retail locations throughout the U.S.
“It’s an honor to have another highly qualified operator producing our brand in not just one, but seven more states. We believe the MariMed team is strongly driven and will prove to be one of the country’s best multi-state operators,” said Binske Executive Vice President Alex Pasternack.
Denver-based Binske is the crown jewel in the portfolio of privately held Praetorian Global, LLC, which has developed a distinct licensing model that allows scale without the need to secure capital-intensive licenses in each state. This model allows Binske to maintain product quality through strict standard operating procedures and rigid application of intellectual property rights. The licensing model is similar to those often seen in the entertainment industry, earning Binske a comparison to brands like HBO that have disrupted product delivery with efficiency without sacrificing quality.
The announcement of the licensing agreement comes as Binske prepares for its products to be made available in Florida and California dispensaries in September.
Founded by CEO Jake Pasternack in 2015, Binske (the “e” is silent as in “smoke”) is a multi-state cannabis brand operating in 11 U.S. states: Colorado, Nevada, Florida, California, Illinois, Ohio, Massachusetts, Rhode Island, Maryland, Delaware and Maine. Binske is known for its best-in-class proprietary strains and craft ingredients, which have earned it multiple awards, including Leafly’s Best Edibles, Best Concentrates and Best Overall Company. The company is a division and registered trademark of privately held, Denver-based Praetorian Global, which holds interests in THC and CBD-related brands throughout the U.S.
About MariMed, Inc:
MariMed, Inc. is dedicated to improving health and wellness with the highest quality hemp and cannabis products. The company offers a full range of cannabis products, operates state-of-the-art cannabis dispensaries in six states, and has a separate division, MariMed Hemp, focused on the development of industrial hemp-derived CBD products. MariMed owns a significant stake in Kentucky-based GenCanna, a recognized genetic innovator in industrial hemp, and recently acquired MediTaurus, a purveyor of high-quality CBD wellness products in the U.S. and Europe under the Florance™ brand. Across its branded products, MariMed is at the forefront of precision dosed products for the treatment of specific medical symptoms. MariMed currently distributes its branded hemp and CBD products in select states and is expanding licensing and distribution to numerous additional markets encompassing thousands of dispensaries, pharmacies, and wholesalers.
For additional information, visit marimedinc.com.
Twitter: @IncMarimed | Facebook: MariMedIn
Founder & Interim Editor of L.A. Cannabis News