Those brothers behind Binske are at it again. The Denver-based cannabis company has just announced a licensing agreement that will put the Binske brand in eleven states around the country.
According to an announcement from the company regarding its new partnership with MariMed, a publicly held cannabis investment firm based in Massachusetts, Binske will soon be available to over 52 million people aged 21 to 61 in states with medical and recreational marijuana.
Currently, Binske products are available in just Colorado and Nevada, with licensing agreements already in place for them to be sold in Florida and California by September. But thanks to the MariMed deal, soon they will also be sold in Illinois, Ohio, Massachusetts, Rhode Island, Maryland, Delaware and Maine.
Three of those states (Illinois, Massachusetts and Maine) have already legalized recreational marijuana, while the other four are expected to take on the issue either through the ballot or their respective state legislatures by 2020.
Binske is hoping to reach over 700 retail locations by then, quite an expansion for a company that's less than five years old.
"MariMed is highly particular about the brands and products we align with, so we are very pleased about this licensing deal and eager to help expand their reach through our channels," MariMed chief product officer Ryan Crandall says of Binkse in a statement outlining the deal.
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Binske was founded in 2015 by Jake Pasternack; he was soon joined by his brother Alex. Together they've built one of the larger Colorado cannabis brands, selling flower, concentrates and edibles in dispensaries throughout the state.
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The company is owned by Praetorian Global LLC, a privately held investment firm founded by Jake Pasternack that facilitates licensing agreements between cannabis license holders and established cannabis brands. Through partnerships with marijuana business license holders in these new states, Binske products can be sold without Binske holding an actual license there.
“The current market fragmentation in cannabis is primarily driven by the overall lack of product efficacy across state lines and the fact that some brands dominate market share in one state yet aren't even sold in others," Jake Pasternack says in a statement. "The fact that Binske products will soon be available in retail outlets from Malibu to Martha's Vineyard enables us to reach an unprecedented number of potential consumers. That access, coupled with consumers' awareness that they will get the same Binske product no matter where they buy it, is critical to building consumer patronage and, most importantly, trust.”