With the cannabis market projected to grow at a compound annual growth rate (CAGR) of 17.8% over the next few years, the entrepreneurs behind cannabis startup Union Electric are seizing the opportunity by launching the first ever Regulation CF equity crowdfunding campaign. They are seeking to compete in the $61 billion cannabis market that grew up from $17.5 billion in 2019.
Union Electric is California’s leading cannabis brand for premium flowers. The cannabis startup is seeking to leverage the general public’s interest to gain their investment in Union Electric’s growing high quality product brand. They have the opportunity to become stakeholders and bond with the Union Electric Ethos: “collective power and cannabis for all”.
“Union Electric is rooted in the values of community and transparency. We believe this online public offering is a manifestation of our brand mission by inviting our customers a share in our future growth,” said Max Goldstein, CEO of Union Electric. “Many of our customers spend more of their disposable income on packaged cannabis than any other product, period.”
Funds from their crowdfunding campaign will be used to expand into new product categories, like pre-rolls and edibles, as well as introduce new flower strains. Their distribution footprint throughout California includes the Bay Area, Sacramento, Inland Empire, I-5 Corridor, Desert Cities, and Los Angeles, with plans to move into other states next year.
Founded in 2020 the cannabis startup is one of OpenNest Labs first incubated brands. Their strategy is a consumer-first approach, aimed at an underserved market: the working class customer. They believe strongly that the promotion of their high quality brand will influence the general public to support their efforts to expand.
Their name comes from the punching-in and punching-out aspect of working a union job which is the average cannabis user’s job. Plus, the founders feel it reflects the union of stakeholders comprised of customers, cultivators, and retailers who are collaborating to provide affordable, quality products.
“We launched Union Electric to reflect what the core cannabis consumer will expect out of a national brand, which means leading with integrity, transparency and equality while offering a high quality product. The everyday consumer is looking for a straightforward cannabis experience and they want to support brands creating prosperity across the entire value chain,” said Goldstein.
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