Hawaiian Cannabis Brand Noa Botanicals Expands To The Mainland
The cannabis company Noa Botanicals has about 50% market share on the Hawaiian island of Oahu and intends to expand its presence to the continental U.S., founder and CEO Brian Goldstein said in an interview with New Cannabis Ventures.
The Meaning Of 'Noa'
Since Hawaii is an island state separated by federal waters, each island has its own set of cannabis licenses and production facilities.
"Noa" is an old Hawaiian word that speaks to relief from restrictions or a freeing from taboos, Goldstein said.
"Our brand and mission infuse everything we do," he said. "The meaning of Noa leads naturally to our mission of redefining cannabis as a natural choice for our community."
Noa's Mainland Expansion
Noa Botanicals has built a substantial position in the Hawaiian cannabis market with a brand that emerged from the Hawaiian experience and lifestyle.
The brand will be launching in Las Vegas in the first half of 2020, with further plans for California and potentially the east coast, Goldstein said in the New Cannabis Ventures interview.
The company is growing organically and is planning partnerships with white label manufacturers for the licensing, production and distribution of its products, he said.
Noa Botanicals Products
The Hawaiian market does not permit cannabis-infused edibles.
Noa Botanicals offers a selection that includes multiple flower strains, concentrates, lozenges, topicals, vape cartridges, tinctures and oils.
With Noa Botanicals planning to expand to markets that do allow infused products, Goldstein said the company is planning to integrate other Hawaiian products, such as THC-infused, chocolate-covered Kona coffee beans or TCH-infused, chocolate-covered macadamia nuts.
Hawaii has a flourishing chocolate industry, and the company is planning to associate with some of those producers, the CEO said.
Noa's Funding, Results
Noa Botanicals has raised about $12 million in equity and convertible debt funding. The investments came from individuals, investment funds and local investors.
The company is organizing a Series C round to help fund its Mainland settlement, Goldstein said.
Noa Botanicals is both cash flow and EBITDA positive, he said, and expects to end 2019 with approximately $8 million in revenue.
The company has posted 65% growth on a year-over-year basis, and its 2020 revenue is expected to surpass $10 million.
Goldstein said a merger or acquisition is possible as Hawaiian cannabis policy evolves toward adult use and larger companies become interested in investing in the state's market.
Picture from Unsplash.
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