Coda Signature Edibles Not Leaving Colorado After All

Colorado cannabis shoppers were disappointed to learn that Coda Signature, a popular edibles maker in Boulder, was closing in December. But the brand is alive again under new ownership.

Canvas 1839 Group, a Colorado-based cannabis ownership firm, announced today, April 16, that it has acquired Coda's material operating assets, with plans to restart production of the edibles maker's chocolate bars soon. Known for manufacturing cannabis-infused lotions and other products under its Escape Artists label, Canvas 1839 wanted to move into the edibles sector but was waiting for the right shot, according to CEO Alison Di Spaltro.

"We've always kind of considered Coda a sister brand to us. It's kind of comparable in size, and they focus on premium products, consistency and quality. When this opportunity came up, we thought it was a natural fit," she says.

The ingredients and recipes for Coda won't change, Di Spaltro adds, with Canvas 1839 currently focusing on bringing back four of Coda's popular chocolate bars, including its coffee and doughnuts and lemon cream and cheesecake crumble bars. Other former Coda offerings, like fruit chews, will return to dispensaries after that, with potential for "collaborations and new product development," Di Spaltro says, as Canvas 1839 works with Coda founder Lauren Gockley, who is serving in a temporary transitionary role.

"The brand is staying around," Di Spaltro adds. "We have acquired all of their recipes and we're working closely with Lauren Gockley, their founder, to train our team. We essentially saw Coda as an excellent and beloved brand in Colorado, so we want to continue offering their products in Colorado and beyond."

Coda also had licensing deals in Massachusetts and Ohio. Although the company said only that its Colorado operations were closing in December, the outfit has pulled out of the other two states as well, Di Spaltro notes. Coda won't return to those markets under the same licensing partnerships, but Canvas 1839 plans to eventually expand the brand to more markets, including states in which Escape Artists is already sold, such as Michigan, Missouri, Nevada and New Jersey.

A handful of dispensaries still have Coda products from before it shut down. While Di Spaltro stops short of saying there won't be any inventory interruptions, she adds that production will resume in May with the same packaging that customers remember.

"These products are going to taste just as good as they did before, so we want customers to see the same packaging," she explains. "We hope to bring the gummies back later in the year. ... That is in the very early stages, but we hope to be offering some exciting new products later this year or early next year, too."

Di Spaltro wouldn't share the terms of the purchase agreement, but says the deal has been completed.

Coda surprised dispensary shoppers in December when it announced it was closing, pointing to a declining cannabis market in Colorado. Other well-known cannabis brands founded in Colorado, such as 1906 edibles and dispensary chain Terrapin Care Station, have since left the state, as well.

Despite falling dispensary sales, Coda claimed to have been the "number-one selling chocolate in Colorado for years" when it shut down. Canvas 1839 and Escape Artists, which have grown in the face of a struggling cannabis industry, are buying at just the right time, according to Di Spaltro.

"Overall, we see this as a very positive step for the company," she says.