In this edition of "Rising High," The Fly conducted an exclusive interview with Maigread Eichten, Chief Executive Officer of Coda Signature, a maker of premium cannabis-infused gourmet edibles and topicals for medicinal and adult-use markets. Here are some highlights:
PREMIUM EXPERIENCE: Coda Signature, a women-led and operated company founded in 2015, crafts high-end edible confections and body products using technological innovation and natural ingredients to deliver the benefits of cannabis to consumers. The company’s products are available in dispensaries across Colorado, with planned expansion into other emerging markets in North America. “Since its inception, Coda has been known as an innovation leader thanks to our legacy of introducing the cannabis market to a more premium edibles experience,” Eichten said. “We are continuing that tradition by leaning into a cannabis-inspired wellness platform, alongside our indulgence products.” She added that more and more consumers across the country are signaling an openness to cannabis. “We are focused on bringing cannabis into their lives in a comfortable and high-quality way as they explore how it can support their holistic wellness goals,” the CEO said.
COMPETITIVE EDGE: As competition continues to rise in the cannabis industry, Eichten pointed to the “Coda Experience” as one of the company’s key differentiators from other brands. “We know that what people love about Coda is that we offer extraordinary flavors and tastes in our edibles alongside exceptional effects,” she said. “Most cannabis companies focus on one or the other, but at Coda, we believe that a full luxury cannabis experience requires both.” The CEO noted Lauren Gockley, Co-founder and Chief Innovation Officer at Coda, is an award-winning chef with experience spanning from Paris confectionaries to Michelin-rated restaurants. “We’re also aggressive in our belief that offering the right dosing alongside new cannabinoids and fast-acting technology will bring new consumers to cannabis,” she said. “A cannabis-inspired wellness lifestyle, enriched by the properties of this incredible natural plant, includes more than just THC and the traditional experience of ‘getting high.’” Eichten cited Coda products like Twilight Pomegranate, which features 1mg of THC and 1mg of CBN designed to support more restful sleep, and Strawberry Daydream, with 1mg of THC and 1mg of CBD, for a relaxing, calming effect. “We were proud to be the first edible in the market with a 1mg dose, ensuring each person can tailor their experience to their needs and preference alongside amazing taste,” she said.
RASPBERRY LIFT: In July, Coda introduced its first wellness-centric edibles product with the all-natural Raspberry Lift Healthy Body Fruit Notes, infused with 1mg THCv, 0.1mg THC and 10mg CBD per piece. “We are really proud and excited about Raspberry Lift,” the CEO said. “We have adapted our signature gummies, French-inspired Fruit Notes, and designed them to deliver a wellness experience focused on decreasing snacking and increasing mental clarity.” The gummies combine THCv, CBD and THC with raspberry and green tea flavor, she said, as well as fast acting, water-soluble technology to improve bioavailability, provide a more predictable experience and deliver effects in just 15-20 minutes. “Coda has always had a wellness component to many of our products,” Eichten said. “With Raspberry Lift, we have elevated our devotion to consumers looking for edibles designed for specific effects.” She added Gockley incorporated pure ingredients including naturally occurring raspberry ketones, green tea, chicory root and monk fruit sugars alongside cannabinoids for a full Coda experience. “Raspberry Lift is the first THCv product we have released, but more is to come,” the CEO said. “Look for more exciting news from Coda this fall.”
EXPANSION PLANS: The company is based in Denver, Colorado and sells products in dispensaries across the state, with plans to expand into other North American emerging markets. “Coda is proud to be a legacy CO brand, but we’re also confident in our innovation leadership and are examining opportunities to expand as new states continue to legalize,” Eichten said. “We know our brand and products will resonate with consumers looking for a premium cannabis experience, even if they are new to cannabis.”
CORONAVIRUS: Coronavirus has impacted many companies in the cannabis industry globally and the CEO noted it has had a major impact on the space as a whole. “A combination of more people isolating and/or working from home, limited social options and government subsidies drove growth in the last few years,” she said. “As the entire country worked to get back to regular life amidst COVID, we have naturally seen this growth fall off.” The marketplace has become more challenging, Eichten said, amid inflation, general economic uncertainty and the return of socializing, traveling and personal luxuries. “Despite this, we know that more states opening up and more consumers being able to legally access cannabis has and will ultimately continue to drive growth across the industry,” she said. “In the short term, we continue to focus on delivering an extraordinary Coda experience and product, which we feel is key to managing through short-term ups and downs.”
INFLATION CONCERNS: When asked about how rising concerns around inflation will impact the space, Eichten said cannabis is being affected by the broader economy like all other industries. “We know that as more states legalize, there will be exciting new growth opportunities alongside a shift in market dynamics in existing markets that benefited from a limited marketplace,” she said. “We are preparing for those shifts by looking aggressively at multi-state expansion opportunities.” The CEO said she is confident Coda is well positioned to capture new customers as new states and consumers join the legalized cannabis marketplace. “In our mind, these canna-curious are the true growth opportunities,” she said.
FLOWER VS. DERIVATIVES: As technology advances and delivery systems for cannabinoids become more diverse, the CEO said the sector has definitely come a long way but there is still a ton of opportunity. “Over the last year plus, we alongside other leading edibles brands have incorporated fast-acting technology,” she said. “This is a huge first step in creating a more predictable and understandable experience for consumers, given they can experience effects in 15-20 minutes versus up to two hours later.” As fast-acting technology evolves, Eichten said she believes the space will see more innovation, including delivery systems paired directly with desired experiences. “As such, it's not about making the one delivery system that serves all experiences, but instead tailoring the delivery system to match the moment and experience,” she said, “At Coda, we create the right combinations of delivery system, effect, flavor and dosing to deliver the overall right Coda experience.”
LEGALIZATION: In July, U.S. Senators Cory Booker, Chuck Schumer and Ron Wyden introduced the Cannabis Administration and Opportunity Act, legislation that would end federal prohibition on cannabis by removing the plant from the federal list of controlled substances. “This type of legislation is absolutely necessary for the future of the industry,” Eichten said. “Creating a national environment that ensures consistent, safe and regulated practices across the country is good for consumers, growers and suppliers alike.” She added Coda also values the important work needed around social justice, decriminalization and the inequities in the industry. “We all are optimistic about progress toward federal legalization, but in the meantime are focused on serving as a leader at the state level in supporting these same important steps,” the CEO said.
CHALLENGES: When asked about the largest hurdles facing the cannabis space, Eichten said there has been so much progress made, but the industry still needs to fight old perceptions and stigmas. “While social acceptance of cannabis has made major strides in legalized states, more work needs to be done around decriminalization and solving related inherent social inequities in the industry,” she said. “Not only will this work serve to ensure a strong foundation for moving forward, but it also will reduce the stigma associated with cannabis in the general public. This is good for the industry and more importantly the right thing to do.” The CEO noted Coda is proud to have a woman-founded and women-led company with an all-female executive team. “While this represents a small step compared to all of the work that needs to be done, we believe that representation is an important part of progress,” she said.
OPPORTUNITIES: As the cannabis sector develops, Eichten said she is excited about expanding the conversation around cannabis, which has previously focused on THC. “We will always be proud to serve those who enjoy THC and its traditional effects, but we can now start exposing new people to this extraordinary plant thanks to the use of additional minor cannabinoids and the effects they offer,” she said, adding all-natural, plant-based solutions for wellness have become a priority for so many Americans. “We are excited for cannabis to be one of those solutions,” the CEO said. “Whether it’s CBD, CBN, THCv or CBG, edibles and topicals featuring these cannabinoids alongside THC offer a unique opportunity to bring cannabis into people’s lives in a safe, holistic way that complements their wellness goals and lifestyle.”
CANNABIS/PSYCHEDELIC STOCKS: Publicly-traded companies in the space include Acreage (ACRHF), Akerna (KERN), Aleafia (ALEAF), Atai Life Sciences (ATAI), Awakn Life Sciences (AWKNF), Ayr Wellness (AYRWF), Aurora Cannabis (ACB), Audacious (AUSAF), BC Craft (CRFTF), Body and Mind (BMMJ), Cannara Biotech (LOVFF), Canopy Growth (CGC), RIV Capital (CNPOF), Chicago Atlantic (REFI), Columbia Care (CCHWF), Compass Pathways (CMPS), Clever Leaves (CLVR), CordovaCann (LVRLF), Cresco Labs (CRLBF), Cronos (CRON), Curaleaf (CURLF), CV Sciences (CVSI), CURE Pharmaceutical (CURR), Delic Holdings (DELCF), Delta 9 (DLTNF), Entourage Health (ETRGF), Fire & Flower (FFLWF), Flora Growth (FLGC), General Cannabis (CANN), Goodness Growth (GDNSF), Greenlane (GNLN), Green Thumb (GTBIF), GrowGeneration (GRWG), Harborside (HBORF), Hemp (HEMP), HEXO (HEXO), High Tide (HITI), IM Cannabis (IMCC), India Globalization Capital (IGC), Indiva (NDVAF), Innovative Industrial Properties (IIPR), InterCure (INCR), Wellbeing Digital (KONEF), Khiron Life Sciences (KHRNF), Lowell Farms (LOWLF), Lotus Ventures (LTTSF), MediPharm (MEDIF), MedMen (MMNFF), Neptune Wellness (NEPT), NewLake Capital (NLCP), Thermic Science (ENDO), Organigram (OGI), Planet 13 (PLNHF), RIV Capital (CNPOF), Relmada (RLMD), RYAH Group (RYAHF), Sproutly (SRUTF), Stem Holdings (STMH), Small Pharma (DMTTF), Skye Biosciences (SKYE), Sundial Growers (SNDL), Sunniva (SNNVF), TerrAscend (TRSSF), Tetra Bio-Pharma (TBPMF), Tilray (TLRY), Trulieve (TCNNF), Tryp Therapeutics (TRYPF), Valens (VLNS), Verano Holdings (VRNOF), Village Farms (VFF), Wesana Health (WSNAF), Zynerba (ZYNE) and 4Front Ventures (FFNTF).
Canopy Growth
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Cronos Group
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Aurora Cannabis
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CV Sciences
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CannTrust
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Trees Corporation
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Goodness Growth
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Green Thumb Industries
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IGC Pharma
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Tilray
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Trulieve Cannabis
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ZYNE
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Atai Life Sciences
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Compass Pathways
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Relmada Therapeutics
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