The Bettering Company is a socially responsible cannabis edibles brand offering high-quality, hand-crafted, vegan and gluten-free edibles. Pulse 2.0 interviewed The Bettering Company CEO and co-founder Mark Cozzi to learn more about the company.
Mark Cozzi’s Background
Before founding The Bettering Company, Cozzi had a 35-year career in the finance sector, primarily focused on growth companies and startups. Cozzi said:
“After spending 14 years on Wall Street in investment banking at Salomon Smith Barney / Citigroup Global Markets, I joined a client, Thomas Kaplan, as the first employee and co-founder of Leor Energy. I helped build Leor Energy into one of the fastest growing privately held energy companies, eventually being sold for $2.55 billion cash, turning Mr. Kaplan’s $22 million founder’s investment into a $2.2 billion monetization. I am actively engaged in a variety of philanthropic and civic endeavors, including The Field Museum Board of Trustees and Action Committee, Northwestern Medicine Board of Trustees and Quality Committee, and Art Institute of Chicago Society of Contemporary Art. I hold a B.B.A. in Accounting and Finance with Honors from the University of Wisconsin and an M.B.A. from the Kellogg School of Management at Northwestern University.”
Formation Of The Bettering Company
How did the idea for The Bettering Company come together? Cozzi shared:
“I was at dinner in NYC with a close friend who is a board-certified oncologist and researcher. As we ordered drinks, he commented that we should consume less alcohol and replace that with cannabis. This was an epiphany, for sure. Shortly thereafter, I was given a THC-infused chocolate made by a master chocolatier that was the best edible I had ever consumed. The two events catalyzed the pursuit of making the best possible THC-infused edibles.”
Favorite Memory
What has been your favorite memory working for The Bettering Company so far? Cozzi reflected:
“Receiving overwhelmingly positive feedback from a diverse group of consumers trying our gummies for the first time.”
Core Products
What are The Bettering Company’s core products and features? Cozzi explained:
“The Bettering Company (TBCo.) is a new luxury cannabis edibles brand offering chef-curated edibles that use real fruits, herbs, teas, spices and jams and are consistently infused. Obsessed with precision, the company diligently focuses on production techniques that will result in consistent THC levels. TBCo.’s products are made in a 10,000-square-foot facility designed state-of-the-art kitchen – among the largest and newest facilities dedicated solely to edibles production in the United States.”
Significant Milestones
What have been some of The Bettering Company’s most significant milestones? Cozzi cited:
“Despite difficult market conditions for cannabis companies across the nation, The Bettering Company has been able to complete its capital raise – particularly noteworthy for a pre-revenue cannabis company to attract an investment of this size. The $11 million in total funding over the past 16 months includes experienced venture capital, the cannabis sector and consumer packaged goods investors. The Bettering Company has orders from over 30 dispensaries to which we have begun shipping products–ahead of our projections. We are truly grateful for the support we have received from the Illinois cannabis community.”
Funding
After asking Cozzi about The Bettering Company’s funding information, he revealed:
“The Bettering Company just announced $6.7 million in funding, bringing the company’s total funding to over $11 million to date. Our initial seed round in 2022 included participation from seasoned early-stage consumer packaged goods investors, including Peter Rahal. The $11 million in total funding over the past 16 months includes experienced venture capital, cannabis sector and consumer packaged goods investors. The funds will be used (a) to complete the construction of The Bettering Company’s new Rockford, Illinois facility with its state-of-the-art commercial kitchen and (b) to continue to build the company’s management team focused on recruiting top-tier candidates in sales, marketing and food production.”
Total Addressable Market
What total addressable market (TAM) size is The Bettering Company pursuing? Cozzi assessed:
“In 2022, Americans spent an estimated $30 billion on legal marijuana products and are anticipated to spend approximately $33 billion this year – more than chocolate and craft beer combined (Source). We are confident that cannabis sector revenues will eventually exceed $100 billion, rivaling spirits, wine and beer. Our target consumer is someone who cares about their body of all ages and demographics.”
Differentiation From The Competition
What differentiates The Bettering Company from its competition? Cozzi affirmed:
“The Bettering Company’s vegan and gluten-free recipes with unique flavor profiles set the brand apart from other options. The Bettering Company produces gummies utilizing precision that is not commonly utilized in the sector, resulting in third-party lab test scores approaching 100% accuracy–much higher than required by Illinois state law.”
“The Bettering Company’s gummies are delicious and meant to be enjoyed during consumption, unlike many gummies that are merely a cannabis delivery vehicle. Backed by the company’s mission to improve sustainability, The Bettering Company pouches are made with 35% post-recycled material and each gummy is individually wrapped for functionality.”
Future Company Goals
What are some of The Bettering Company’s future company goals? Cozzi concluded:
“The company plans to expand into other states, including New Jersey and New York, as the next states in which the company expects to offer its products. The Bettering Company also intends to launch CBD/CBN-only products later this year and into early next year.”
