Its takes a lot of Moxey: botanicaSEATTLE
You meet a lot of interesting people covering the cannabis industry and I had the pleasure of meeting someone who has a lot of Moxey, Tim Moxey that is, the founder, owner, spiritual leader and visionary behind botanicaSEATTLE, a Washington 502 Processor based in Seattle, . Four (4) years ago Tim realized the potential opportunity in the emerging legal cannabis industry and set about creating a company to develop and create brands.
Born in England, but living in Seattle for the last 10 years, Tim received his MBA from Dartmouth’s Tuck School of Business before embarking on an entrepreneurial career that has seen him develop two successful brands.He and his college mate Chris Abbott, Bain colleague Laura Hughes and resident cannabis expert Lena Davidson are on their way to building another successful venture.After Dartmouth, Tim joined the fledgling company Ironman Wetsuits before rebranding it into blueseventy, a company that grew to international recognition and profitability by making triathlon wetsuits for the best athletes on the planet. While running blueseventy he started “nuun and company” which created a new category of sports drinks that became the fastest growing segment of sports nutrition. Nuun began after personal suffering in Ironman races helped Tim discover that there was a market for non-sugary drinks that let allowed the athlete to separated hydration from nutrition. The product filled a niche and became the drink of choice for everyone around the world from endurance athletes, yacht racers and even the top golfers.
Today it’s sold in 20,000 stores in the U.S. and available in over 30 countries. Tim stepped back from day to day operations at Nuun in 2012 and began searching for his next entrepreneurial gig.
As Tim tells it, he likes to start and build companies and he likes cannabis…so what would a legalized world look like? He quickly realized that cannabis user habits and activities are diverse and he began devising consumer targeted brands that would satisfy a variety of cannabis consumers.
By being one of the first legal edible companies in Washington, botanicaSEATTLE formally launched in 2014 and today boasts a wide array of products with a $3 million revenue run rate through the end of 2015, good enough to rank them 89 on the 2015 CBE 100 PPRs. They are a small, fast growth company focused on making exceptional natural and handmade cannabis edibles and topicals. Tim and Chris share the responsibility of running the company – it’s unorthodox but it helps them process decisions and avoid costly mistakes in a world of unknowns. The company currently has four brands which gives them flexibility and the ability to test new formats and price points:
- SPOT: A full range of options in the US: Sativa, Indica, Hybrid and CBD infused baked goods and chocolates in a range of potency options
- Proper Chocolates: Artisanal chocolates designed and made by an award winning chocolatier
- Bond Sensual Oil: a proprietary formulation that has received widespread plaudits as a female sexual enhancement oil
- Mr. Moxey’s Mints: Peppermint, Ginger and Cinnamon CBD infused
They have just expanded from their original 3,000 sf space to a 16,000 sf facility in Seattle and sell in over 120 Washington retailers since their launch with a focus on stores that are looking for products that focus on consistency and quality.
As a self-funded venture, plans are to continue to gain shelf space and market share in their home state and expand into neighboring Oregon and Colorado. They don’t want to bite off more than they can chew but CBE will be surprised if Tim and his partners aren’t playing on a national stage as their revenues and resources increase. What else would you expect from folks with a lot of Moxey!
Company Name: botanicaSEATTLE
Year Founded: 2014
Ownership structure/operating entities: Private
Management Team: Tim Moxey, Chris Abbott, Laura Hughes, Lena Davidson
Headquarters: Seattle, WA
Industry Segment/Category: Processor
Current Markets/States Served: WA
Current Number of employees: 40
Market Strategy/Goal: Create innovative and well-constructed edible and topical products that help
lead and grow the industry
2014 Revenues: $250K
2015 Projected Year-end Revenues: $2M
Product Mix: Spot edibles, Moxey’s mints, Proper Chocolates, Bond sensual oil, Abbott & Davidson
Expansion Plans: Targeting OR and CO
Financing strategy: Self-funded