When Colorado had legalized recreational cannabis in 2014, Skip Stone saw the need to keep his two young kids out of his stash of edibles. So he put his engineering skills to work and designed a storage bag with a number of innovative features: a combination lock, odor control, and a flexible organization system. When the first prototype arrived, all his friends wanted one.
Based on such a positive reaction, Skip enrolled in the first class at CanopyBoulder, a business incubator for the cannabis industry. At Canopy, Skip met Steve Norman, a serial entrepreneur who had signed on as a mentor to explore the new cannabis industry. The two hit it off, and after Canopy, Steve joined the team and invested some seed money to get manufacturing underway.
The first batch of bags arrived in November 2015. We set up shop in Skip's garage, launched a web store and set out to sign up retailers. Our first account was The Farm in Boulder. We are now in over 300 retail outlets in the US, Canada, and Europe. We have shipped bags to a dozen countries as far away as Australia. The response has been tremendous, with hundreds of glowing reviews. We have a hit.
We have built a top-shelf lifestyle brand through retail presence and digital marketing. We have implemented integrated systems for inventory control, accounting, retail, and wholesale online ordering, customer service, and shipping, which has resulted in low operating overhead. Most recently, we have been creating a number of new innovative products, setting up US manufacturing and honing our online selling skills.
The next chapter in the STASHLOGIX story will be growth. All our ducks are in a row. We are ready to scale it up.
An engineer by trade, with 20 yrs experience selling large scale industrial equipment. Sales, relationship building, and customer service are an important part of every business. Skip was the V.P. of a manufacturer's representative company, Falcon Supply, for 14 years and where he was the lead salesperson for 12 of those years, with sales ranging from $2M to $4M per year.
Steve is a serial entrepreneur. His largest success was as founder and first COO of Einstein Bros. Bagels. Steve subsequently studied design and branding and worked on marketing projects with Coca Cola and others. After moving to Boulder, CO Steve started several tech companies. Steve has been integrating many applications to allow Stashlogix to scale with a small team. Steve designed our website, he designed our investment deck website, created our www.stashlogix.life web-app (which is an app-based strain tracking journal), created a cash-flow and inventory management software, and is our creative director. Steve also oversees our finances and bookkeeping.
Isaac manages Sales and Marketing. He's building an elaborate digital customer funnel using social media, Facebook ads, Google ads, and Amazon ads. Partnering with specific brands for cross-promotional efforts, Isaac ensures our brand image is respected and associated with the best brands in the industry. Isaac has a BBA in Business, Marketing, and Financing.
Blair has an MBA and manages our bookkeeping, inventory management, and shipping.
Our target market is the “new cannabis consumer” this demographic represents consumers that are more responsible and professional; parents, athletes, businessmen, and baby boomers. They want products that speak to their needs. This is also the demographic with the most disposable income.
Our competitors are Ryot Bags, Dime Bags, and Skunk Bags and they all target the "stoner" demographic. We're skating to where the puck is going, not where it is. There are over 260 million cannabis consumers worldwide (1), and a recent Marist Poll finds that half of the US cannabis consumers are parents. https://www.yahoo.com/news/american-families-embracing-pot-never-yahoo-newsmarist-poll-finds-094433128.html The cannabis industry is the fastest-growing industry worldwide and our target demographic is the fastest-growing segment of the industry. Our value proposition of responsibility, security, and discretion will resonate with the vast majority of "new cannabis consumers", the stigma is real and people may dabble in private but due to decades of negative stigmas many people will want the benefits that our product offer, particularly when it relates to the safety of their family.
More and more children are being admitted to hospitals across the country for accidental cannabis edibles consumption. While this isn’t fatal, it can be a scary event for the kids and parents. Parents make up 50% of the cannabis consumers in the country so there is a real need to keep the young ones safe and to keep the teens/tweens from sneaking into their parent’s stash.
Cannabis consumers don't have very many tools for organizing, storing, and transporting their products. Cannabis is fragile, powerful, beautiful, sticky, dirty, smelly, and it's medicine. It’s unlike any other consumer product goods that have come before it. The options for consumptions are almost limitless (combustible flower, vaporized flower, vaporized oil, vaporized concentrates, edibles, tinctures, balms/salves, patches, drinks, really almost anything can contain cannabis). Stashlogix was created to help people incorporate cannabis into their daily lives, addressing all the consumption methods and their storage challenges. Until Stashlogix came along, cannabis storage products focused primarily on padding, leaving lots of room for innovation.
The trend is quite clear: the cannabis market is big, growing very fast and represents a rare business opportunity.
The cannabis industry is still very young, and strong brands are just beginning to emerge. Industry research shows that branded products are gaining market share and that the top brands are driving the trends. This presents a rare opportunity to establish a dominant brand at a fraction of the cost normally involved in a more mature industry. We see the STASHLOGIX brand as our most valuable asset. Everything we do is connected to building the brand
Our go-to-market strategy consists of pursuing all segments, online, retail, direct-to-wholesale, and distribution. A household name brand needs exposure in all channels. Online is the best brand-building channel, retail provides great product exposure, and distributors can increase our retail presence quickly.
(1) www.globenewswire.com - 2019
STASHLOGIX is a lifestyle brand of personal cannabis storage systems.
Our product line consists of cases, bags and related accessories sold directly online and through retailers throughout the US and Canada. We are brand focused. Our industry is in a once-in-a-lifetime period where small companies like ours have an opportunity to establish brands that will dominate the industry for decades. This has been our primary objective for the last three years. Our tagline "thoughtful, secure & discreet" captures our value proposition: innovative products that address the needs of "the new cannabis consumer." We have created exceptional ROI for our early investors: national brand respect, $2M+ in sales (at solid margins), and a robust supply chain -- all on $341K in invested capital. We have done this by keeping overhead low, outsourcing lower-value work and minimizing complexity.