Bloom Farms, a California-based cannabis company and maker of hemp-derived CBD (cannabidiol) products, and Greenlane Holdings (NASDAQ: GNLN) -- a distributor of cannabis consumption accessories -- announced today that they've signed an exclusive partnership agreement. Greenlane will distribute Bloom Farms' line of hemp-derived CBD products to their network of retailers.
What is Bloom Farms?
Continue Reading Below
Bloom Farms is a privately held cannabis company that is one of a curated group of CBD brands Greenlane offers to both its brick-and-mortar and online retail partners. Greenlane serves independent smoke shops and regional retail chain operators. Bloom Farms' CBD line purports to offer consumers a "California Pure and Simple" experience.
Started by a disillusioned former day trader, Michael Ray, Bloom Farms is leveraging the company's deep roots in California cannabis. Ray grew up in the Sierra Foothill Mountains on his family ranch called Bloom Farms. He is a cannabis advocate, a lobbyist for social change, and an entrepreneur with a passion for technology and design.
In 1999, Michael moved to New York City to start his career on Wall Street at Broadway Traders. By 2001 he was a young, successful trader. However, Michael tired of the "greed is good" Wall Street mentality, so he returned to California to the farm where he was raised. Bloom Farms offered nascent business opportunities due to the development of the legal cannabis industry.
Sowing Social Justice
As CEO, Ray oversees Bloom Farms' 1-For-1 program, which addresses food insecurity. For every product purchased, Bloom Farms donates one meal to a food-insecure family in California, through a network including the San Francisco-Marin Food Bank and food banks in Nevada. To date, Bloom Farms claims it has provided more than 1.8 million meals.
Since becoming a cannabis entrepreneur, Ray has channeled his love of community through working with regulators and community leaders to legalize, regulate and mainstream California's medical cannabis industry.
Ray oversees the day-to-day operations. He insists Bloom Farms' first priority is to make consistently high-quality cannabis products available for medical cannabis patients throughout California.
In that endeavor, Bloom Farms claims its vape oil and sublingual tinctures are naturally high in terpenes and have a full cannabinoid profile. The company uses Co2 as the oil extraction method for its vaporizer oil, and it says it doesn't use MCT, polyglycol or vegetable glycerin to dilute the vape oil.
"We're really proud of this line because it really shows all CBD isn't created equal," said Sallyann Nichols, president of Bloom Farms' CBD business. "We drew on our years of experience with CBD, sourced from sustainable hemp farmers, and spent 18 months formulating great-tasting, uncut vape oils and organically grown tinctures."
The line initially includes three tinctures and a selection of 19 vaporization products including disposable vapor pens, vapor oil cartridges and batteries that both companies believe will appeal to myriad demographics.
The ironic juxtaposition of cultivating sustainably farmed hemp while increasing e-waste with disposable vaporizer components is a glaring oversight in the cannabis industry. Earth definitely needs less plastic in the oceans and less e-waste in landfills, not more. So why manufacture disposable vaporizers, when there are more sustainable ways to consume cannabis? Because, the market is consumer driven. Therefore, it is up to consumers to make socially conscious product choices. Less demand will decrease supply. Tinctures in glass packaging are recyclable, while vape cartridges are not.
"The national rollout of our CBD line in partnership with Greenlane is a huge step forward for us," said Nichols. "We chose Greenlane not only because of their extensive network of retailers but also because we share many of the same values as a business."
Greenlane CEO Aaron LoCascio credits Bloom Farms' status and performance as a California heritage brand for its partnership allure. In addition to acting as Bloom Farms' exclusive distribution partner, Greenlane also will make Bloom Farms' CBD products available through its Higher Standards stores in New York and Atlanta.