The food and beverage space have taken a new dimension as CBD-infused products become popular. Competition in the CBD market has become stiff, with companies trying to remain relevant to their CBD customers. Customer-demands continue to increase and change as the industry grows. Docklight Brands has 13 brands in the CBD market. The Seattle-based company is also hoping to have a piece of the “cake” in this young yet promising industry, the Cannabis industry.
Docklight was launched in 2018 by a cannabis investment firm, Privateer Holdings. The young company has, for the past one, been building its Cannabis brand in line with several THC and CBD-infused consumer products. Docklight produces cannabinoid-infused snacks, topicals, beverages, and skincare merchandise. The company has managed to build its brand in the country through the omnichannel, multi-brand business strategy. This strategy has made it easy for the firm to trade in different CBD products.
Due to the anticipated merger between Privateer and the Canadian pharmaceutical CBD company, Tilray, Privateer divested its ownership of Docklight early this year in February, leaving the company to run independently. Privateer also divested another company in its portfolio, Leafly, for the same reason. Leafly is a cannabis resource website that was also launched by Privateer.
According to Damian Marano, Docklight’s CEO, the primary goal of the company is to satisfy the consumer need for CBD products by participating in multiple segments in the industry. Marano had worked with Coca Cola company for 12 years before joining Docklight last year in October. Before quitting Coca-cola, he last served as the company’s Vice president of national sales.
“The CBD and cannabinoids industry is still new, and it is, therefore, crucial for us to develop a variety of ingredient, package design, and flavor profiles. Each variety will sell the company undependably as each is designed to meet different market needs and consumer tastes,” notes Marano.
Marley is Docklight’s leading brand. This brand in the line of CBD-infused beverage and food was inspired by and named after the late reggae legend Bob Marley. However, there had been a dispute over the brand’s name since New Age Beverages, a CBD company based in Colorado, had announced in January that it would release a brand by the same name. These two companies came into an agreement after Privateer produced its license from Bob Marley’s family, giving the company permission to create CBD products under the name. Docklight will produce Marley CBD infused chocolates, shots, and Mellow Mood tea.
Docklight has a women’s wellness CBD brand, Irisa. The brand currently produces marijuana-infused sparkling water. Irisa is planning to introduce other CBD products, among them being chocolate and candy, ginger beer, skincare products, cocktails, and yerba mate drink. Marano stresses that each brand will significantly meet different needs in the CBD market. According to Marano, most of the products in the market target women as the potential market, and it is therefore vital to understand the majority market in the industry.
Marano noted that CBD trials remain low despite the growing CBD consumer awareness. He linked this trend to inaccessibility to mainstream channels. However, there is a frequent repeat purchase which converts to over 50%. Marano feels that this is an opportunity for the company to create daily-use occasions by developing a broad portfolio. The company is planning to develop multiple channels in retail levels. Docklight’s sales department will increase the company’s presence and consumer purchases by selling its multiple brands to a single retailer.
Docklight is targeting to grow its footprint to thousands of stores by the end of 2020. According to the CEO, the company is in talks with a number of chain retailers. The company partnered with Hudson News Distributors to manage its direct store delivery in the Northeast. New Age Beverages distributes Docklight’s products in the Rocky Mountain region.
According to Marano, CBD and THC are common ingredients that will drive the future of the cannabinoid industry.