n a recent Saturday morning, Nancy Whiteman found herself stoned in a Boulder, Colorado, supermarket.
$115 million. And after Whiteman, who owned 100% of the company, inked a deal in October 2021 to sell Wana at a $350 million valuation to cannabis business Canopy Growth Corporation, she has become one of the richest entrepreneurs in the $26 billion legal weed industry. According to Seattle-based data company Headset, edibles make up about 13% of the legal cannabis market, or about $3.4 billion in sales last year. In its home state of Colorado, Wana is the second-best-selling edibles brand, just behind Wyld, with an estimated 26% of the market and $61 million in retail sales in 2022, according to Headset data. Overall, Wana and its licensees produce nearly 100 million gummies a year.
Without data firms or CRM software to help cannabis companies make product decisions, Whiteman visited each dispensary that sold her products to find out which were most popular with customers. “We stopped doing the things they didn’t buy,” she says, “and kept doing the things they bought.” The company now has 16 partners across the U.S. and Canada. Depending on the need to hire local sales-and-marketing staff, Wana takes a cut of between 15% and 40% of revenue.
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