When the founders of Colorado-based Spherex decided to pivot from a business-to-business extraction company to a lifestyle brand with its own line of products, they focused on building a sustainable business with the goal of eventually expanding into new markets. With a launch in California and plans in place to enter the Oklahoma medical cannabis market, the company is quickly realizing this goal.
“People like the brand—they respond well to it,” Spherex Chairman Michael Green tells Cannabis Business Times. “People like our products. We like to make people feel something good with our products, so we want to expand that in a smart way. … What you see [elsewhere] is people just raising money or running out of money and then having to raise money, and we’re on the slow and steady. It’s a marathon, not a sprint. We’re making sure we control our own destiny and can make the choices we want to make that we think are the best business decisions and the best way to bring our products to customers.”
When Spherex expanded its brand into California, the team quickly realized how competitive that particular market can be and decided to take a different approach with its next expansion plans.
“We felt like if we were going to expand again, we should look in markets that are growing quickly, but are not quite as evolved,” Green says. “It took us two years to get our product from the first iteration to where it is today, and we felt like if we could go to markets that were fast-growing and where they’re not quite as evolved and we bring our quality product, then we have a really good chance of being successful and competing in a meaningful way.”
A friend of Spherex’s chief technology officer had relocated to